Korea Former Chairman Lee Jong-woo Donates Real Estate Worth 5 Billion KRW as Development Fund

Korea Former Chairman Lee Jong-woo Donates Real Estate Worth 5 Billion KRW as Development Fund N

No.89154

Writer pr
Date : 2019.05.29 10:51
Views : 8313

Donated a total of 6.2 Billion KRW by operating the ‘Songam Scholarship Foundation’ for alma mater and juniors since 2002
Donations to be used as renovation funds for the science library to help foster science and engineering students
Graduates who received the Songam Scholarship also joined in the efforts and donated 10 million KRW
[May 14, 2019]

<Life is determined not on how much one gathers, but how much is shared - Aired on YTN News on May 14, 2019>

“I am practicing sharing for my alma mater YU that made me who I am today and my juniors. I believe that sharing determines the true value of life.”
A very special event was held at the YU Cheonma Art Center Convention Hall at 3 p.m. on May 14. Korea Former Chairman Lee Jong-woo (80) from the YU Department of Mechanical Engineering ‘64 donated 5 billion KRW worth of real estate for the renovation of the YU science library. He decided to donate a huge sum to pay for the renovation expenses after seeing difficulties with renovating the science library.

Aside from the 5 billion KRW that Chairman Lee donated, he donated over 1.2 billion KRW to YU as scholarship funds to be used for students having financial difficulties like he did in the past since 2002 by establishing the ‘Songam Scholarship Foundation’. Since 2003, new sophomores in the School of Mechanical Engineering are selected every year to receive full scholarships until graduation. There are over 17 students that received the scholarships as of now. When including this donation, he made cumulative donations of 6.2 trillion KRW.

The philosophy of Mr. Lee who made a huge donation is setting an example. He is famous to be very frugal when using money for himself or his family. He said that he never wanted to ride in a car driven by a driver and he practiced being frugal by driving his own car or taking the subway to commute. Mr. Lee said, “All I need is just the amount that I have to have to live.” He added, “I hope that the newly changed science library will be a cradle for my juniors to realize their dreams.”

Mr. Lee was born in Japan in 1938 and returned to Gimcheon, Gyeongbuk in 1945 after the liberation of Korea, but then experienced the Korean War where he lived a tough and poor childhood. He did not receive official education, but had an undying thirst to learn. Thus, after being discharged from the Air Force and working as a civilian military employee, he decided to enroll at the YU Department of Mechanical Engineering in 1964 at the age of 27. He woke up in the morning and prepared two meals. He would eat his lunch at the military base and dinner at school and finally graduated after four years. Then, in 1977, Mr. Lee founded Korea Former, a lightweight steel frame and partition materials production company. Mr. Lee engaged in research and technological development with the spirit of ‘I may fail, but I will never give up’ and he introduced new technologies to Korea to help lead localization of agricultural materials and the development of the construction materials industry.

In particular, graduates of YU who received the Songam scholarship fund also donated 10 million KRW in scholarship funds for their juniors to practice the philosophy of sharing that they learned from Chairman Lee. They practiced a culture of donation by passing on scholarships they received from their senior to their juniors. Lee Gi-beom (32), who attended the event on behalf of the Songam scholarship students said, “We are what we are today thanks to the scholarship of Chairman Lee,” and added, “We learned from Mr. Lee’s generosity and though it is only a small amount, we are proud to be able to donate to the scholarship fund for our juniors as well.”

YU President Sur Gil-soo said in his welcoming address, “I would like to express my deepest gratitude to Chairman Lee, who is usually very thrifty and frugal, for his beautiful donation that made it possible to solve a big issue at the university.” He added, “The students will now be able to look toward a greater future through the renovation of the science library and we will do our best to become a university that fosters the best human resources that can contribute to the development of Korea.”

Meanwhile, YU is planning to begin renovation construction of the science library using the funds donated by Chairman Lee combined with school funds so that science and engineering students can concentrate on their studies in a more excellent environment.

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