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Good example of charity
Kakao founder deserves praise for deciding to donate wealth
Kakao Corp. Chairman Kim Beom-su, one of Korea s self-made business tycoons, expressed his intention Monday to donate more than half of his wealth to help solve social problems. Kim s net worth is estimated to be more than 10 trillion won ($8.9 billion), including 12.5 million shares of Kakao valued at over 5.7 trillion won. As I watched social problems deepen in various areas, I thought I should not defer my decision any longer, Kim said in a New Year message to his employees.
Besides the massive amount of money involved, Kim s decision is noteworthy in terms of motivation. Occasional large-scale donations by the heads of large business groups in the past have, more often than not, caused doubts about their true intentions. Some tycoons did so to express atonement for irregularities uncovered or had to bite the bullet yielding to the power elite s demands. Others created public trusts as a