Samsung Group Chairman Lee Kun Hee Donates 17.6 Million Dollars To Job Creation ‘Youth Hope Fund’ Initiated By South Korean President Park Geun Hye

by Diana Tomale / Oct 24, 2015 03:41 AM EDT

(Author: hyolee2) Samsung Group Chairman Lee Kun Hee donated 17.6 million dollars to "Youth Hope Fund."

Samsung Group announced on Thursday that chairman Lee Kun Hee has offered 17.6 million dollars to job creation initiative of South Korean president Park Geun Hye. The government-initiated fund called "Youth Hope Fund" was launched on September 21.

The South Korean president became the first donor of the youth employment fund after giving 17,000 dollars. Aside from that, Park also vowed to set aside 20 percent of her monthly salary for "Youth Hope Fund."

Meanwhile, a spokesman from Samsung Group says Lee's donation came from his personal assets, as reported by Korea Joongang Daily on Friday. Samsung's donation to the South Korean government has increased to more than 3 million dollars after the chairman's decision.

"Samsung has decided to participate in the donations, as it sympathizes with the fund's purpose to give courage and hope to the younger generation and generate jobs for them," says chief communications officer Lee Joon.

He goes on, "In order to help the government's drive to cut the rate of joblessness for young job seekers in Korea, Chairman Lee decided to donate 20 billion won (17.6 million dollars)."

He adds that Samsung executives also plan to donate to the government-initiated fund. Also, Samsung Electronics vice chairman Lee Jae Yong will also give his donations.

"Up to 5 billion won donated by Samsung executives will also be delivered to the fund," as noted by Korea Times on Thursday.

"We can't comment on how much of a donation the vice chairman made as this is private information," the chief communications officer adds.

Reports have revealed that the Samsung Group handed the donation on behalf of its chairman, as Lee has been unable to converse after he suffered from stroke in 2014.

The 73-year-old Samsung Group chairman reportedly made a major donation back in 2008 amid public animosity against Samsung due to scandals. Lee donated a total of 800 billion won from his family's personal asset.