Billionaire Lee Joong Keun shows gratitude with Cash Gifts of $70,000 for residents in his hometown

Lee Joong Keun, the 82-year-old founder of property developer Booyoung Group, recently expressed gratitude to the people of Unpyeong-ri, a small rural village in Suncheon, South Jeolla Province. Having grown up in poverty in this very village, Chairman Lee wanted to express his appreciation for the support he received throughout the years.

In a heartfelt gesture, every household in Unpyeong-ri, totaling 280, received cash gifts ranging from 26 million KRW (~19,937 USD) to an impressive 90.2 million KRW (~ 70,000 USD) after tax deduction. The amount varied based on the number of years each household had been residing in the village, with longer-term residents receiving a higher amount.

The chairman's intention was not to draw attention to his generosity; his sole purpose was to convey his gratitude to those who had preserved his hometown's essence. The donations came from Chairman Lee's personal funds, which also went towards contributing gifts, books, and other items worth a total of 240 billion KRW (184 million USD) to the village.

Lee Joong Keun is well-known for his philanthropy and has a significant net worth of nearly 20 trillion KRW (15.3 billion USD). He has actively supported various educational causes, building numerous dormitories and libraries for schools in the region and contributing to over 600 elementary schools in Southeast Asia.

His journey from a humble upbringing in Unpyeong-ri to becoming a successful tycoon is inspiring. Overcoming financial hardships, he founded several companies, including Booyoung, which is now the 22nd largest company in Korea with assets valued at around 21 trillion KRW (16.1 billion USD). Initially focused on rental housing, his ventures expanded to include hotels, golf clubs, and resorts.

Though Chairman Lee's philanthropic efforts have garnered admiration, he has also faced scrutiny over the years due to allegations of tax evasion and embezzlement. In 2020, he was sentenced to over two years in prison for embezzlement, but he received an early release in 2021 through a special pardon.

Booyoung Group remains somewhat enigmatic, as the company and its affiliates are not listed publicly, and most of its stocks are held by family members. The Fair Trade Commission has cited several major violations by the Booyoung Group between 1993 and 2012. Lee's dominant managerial ownership, estimated at around 98.67 percent, further adds to the company's mysterious nature.

Despite his business achievements and challenges, Chairman Lee also serves as the chairman of the Korean Senior Citizens Association, dedicated to advocating for the rights and welfare of elderly Koreans. His philanthropic endeavors and dedication to community welfare have left a lasting impact on his hometown and beyond.