KAIST

Korea Times 2004.5.21

By Kim Tae-gyu / Staff Reporter

A professor from the Korea Advanced Institute of Science and Technology (KAIST) has donated his inherited wealth of 5 billion won to the state-owned institute. 

The KAIST announced professor Kim Dong-won contributed 5 billion won in properties and cash, which he inherited from his father, who passed away late last year. 

``Professor Kim has asked us to spend the contribution in the development of Korea’s science in accordance with the late Kim’s will,’’ said Park Jae-wook, a KAIST spokesman. 

Park added Kim had tried to remain anonymous, but his identity was revealed by some local newspapers. Kim is currently in the United States as he is out of his post on an interim basis and will come back to Korea in August. 

Four billion won of the donation will be used to set up scholarships, which will endow 20 million won each to 10 KAIST students every year. The remaining 1 billion won will help invite illustrious scholars to the institute. 

Adding to the good news for KAIST, Lee Chong-moon, chairman of the U.S.-based venture company Ambex, has also donated 2 billion won. 

The 76-year-old Lee called for the KAIST to inspire a sprit among students by establishing a management center named after him.