The family of the late KCC Chairman Chung Sang-young has donated over 200 billion won ($180.70 million) worth of stocks, goods and cash to support education and the arts, KCC officials said Tuesday.

“The late Chung had always underlined that one of the core functions of a company is to contribute to the nation’s development, and it is in accordance to his wishes that we are returning these profits to society,” the company quoted the family as saying.

Of the total, 10 billion won will be given directly to the Korean Minjok Leadership Academy, a leading elite high school in Gangwon Province. The money will be used for scholarships for academically outstanding students and those from low-income backgrounds, and also to establish advanced educational programs.

The amount will be provided until 2024, after which the school will be converted from an autonomous high school into an ordinary high school in line with the Education Ministry’s policies.

“The late Chung had hoped that one of the scholarship beneficiaries may one day become a Nobel Prize winner,” the family said, stressing the need for educational programs for gifted young people.

Also, the Chungs said they would donate some 200 billion won to the Seojeon Cultural Foundation, dedicating money to the construction of an audio equipment museum. The amount comprises assets from the late Chung’s legacies and additional donations from family members.

“We hope that the upcoming museum may serve as a cultural space where citizens may experience various analog sounds,” the family said.

The late Chung, the youngest brother of Hyundai Group founder Chung Ju-yung, died of chronic disease in January at age 84. He was survived by his wife and three sons -- KCC Chairman Chung Mong-jin, KCC Glass Chairman Chung Mong-ik and KCC Engineering and Construction Chairman Chung Mong-yeol.

The late Chung established Kumgang Slate Industries in 1958. In the decades that followed, he founded Koryo Paint and a construction company that later became KCC E&C.

In 2005 the group was renamed KCC, having gained a presence in the building and industrial materials market.

By Bae Hyun-jung (tellme@heraldcorp.com)