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AmorePacific chairman donates 300 bln won to science foundation

All News 14:47 September 01, 2016

By Kim Eun-jung

SEOUL, Sept. 1 (Yonhap) -- Suh Kyung-bae, chairman of Korean cosmetic giant AmorePacific Co., said Thursday he will donate 300 billion won (US$268 million) to a science foundation he established to help foster new talent in the bioscience and health care sector.

In July, Suh established the science foundation named after him as part of efforts to support rising stars in the bio sector, separately from his company's investment in the research and development in the area.

"I will provide long-term support to help foster creative scientists to yield the best results in the world," Suh said in a ceremony in Seoul.

The 53-year-old business tycoon said he plans to sell some of his stocks in his company to kickstart the foundation, pledging continuous support to keep it afloat in the long term.

Suh is the nation's second-richest businessman with his stock assets estimated at 8.94 trillion won as of Thursday, according to corporate tracker Chaebul.com.

"The initial donation will be enough to operate the foundation for about 20 years, but I will continue to donate my assets to make the foundation last for over 50 years and even over 100 years," Suh said.

The foundation said it will select three to five new scientists in the bioscience sector in June 2017 and support up to 2.5 billion won for each project after review of their creativity, economic impact and research capacity.

AmorePacific has operated several foundations with personal assets from the late founding chairman Suh Sung-hwan in such areas as education and culture as well as low-income families and breast cancer patients.


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