Former Mungyeong Mayor Park Inwon Establishes Jeryong Social Welfare Foundation... Donates 58.7 Billion Won in Stocks and 200 Million Won in Savings

Park Inwon (88), former Mayor of Mungyeong, held an opening ceremony for the establishment of the Jaeryong Social Welfare Foundation at Sochon Building in Mungyeong-eup, Mungyeong City on the 22nd.

This foundation is a support organization established under the Social Welfare Services Act, and plans to carry out various projects to promote community welfare, including support for the lower-income class, assistance for disadvantaged youth, support for senior citizen centers, and aid for marginalized and underprivileged groups outside the institutional system.

The opening ceremony of Jeryong Social Welfare Foundation is taking place.

Additionally, this foundation was established as a social welfare corporation with Park Inwon, the CEO, donating 800,000 shares (worth 58.7 billion KRW) and 200 million KRW in cash free of charge. It has completed all approvals and registration as a corporation with Gyeongbuk Province.

The foundation plans to use annual stock dividends, donations, and sponsorships for its intended projects, publicly announcing its support plans and selecting beneficiaries through a transparent and fair review process.

Park Inwon, the CEO, stated, “I have always believed that wealth should not be inherited but returned to society to create a beautiful community, and although I have tried to put this belief into practice, I always felt there was more to be done. During my tenure as mayor, I was saddened to see welfare blind spots outside the institutional system, and this led me to establish the foundation to help those in need.”

Shin Hyun-guk, Mayor of Mungyeong, expressed his gratitude, saying, “CEO Park Inwon has always made great contributions to the community, and returning such a large fortune to society will set an exemplary precedent and have a significant social impact. I expect it will be a great support to those in need in the local community.”

Meanwhile, CEO Park Inwon has operated the Sochon Aegyeongwon for senior welfare, the Geumwoo Foundation for regional cultural development, and the Memorial Society for Independence Activist Park Yeol. Notably, he donated the entire assets (15 billion KRW) of the Sochon Scholarship Foundation, including the Mungyeong Hakshuk in Suyu-ri, Seoul, which provided free room and board to students from Mungyeong studying in Seoul, to the Mungyeong Scholarship Foundation.