Hyosung Family's Cho Hyun-moon Donates Entire Inherited Property to Establish 'Danbit Foundation'

The First Chairman is Shin Hee-young, Former President of the Korean Red Cross
"We Will Extend a Helping Hand to Places Where Light Does Not Reach"

The Danbit Foundation, a public interest foundation established with inheritance assets donated by Cho Hyun-moon, the second son of the Hyosung family and former Vice Chairman of Hyosung, is being launched.

Cho's side announced on the 26th, "We received the final approval for the foundation's establishment from the Ministry of Foreign Affairs, the competent authority, on the 9th, and today completed the donation of all inherited assets to be used for the foundation's operation."

Earlier, on July 5th, Cho held a press conference declaring that he would donate all the assets inherited from his late father, Cho Seok-rae, Honorary Chairman of Hyosung Group, to establish a public interest foundation and return them to society. Subsequently, on the 14th of last month, he obtained consent for the establishment from co-heirs Cho Hyun-joon, Chairman of Hyosung, and Cho Hyun-sang, Vice Chairman of HS Hyosung.

The second son of the Hyosung family, Cho Hyun-moon, who severed ties with his family due to the "Brotherly Conflict," is entering the press conference held at SparkPlus, COEX, Seoul on July 5. Photo by Jo Yong-jun jun21@

As the inaugural chairman of the foundation, they recruited Shin Hee-young, a leading expert in pediatric cancer treatment and former President of the Korean Red Cross.

The Danbit Foundation stated, "Despite Korea's elevated international status and rapid growth, there are still dark areas in many parts of the country where light has not reached. We will extend a helping hand to those suffering from social exclusion, discrimination, and poverty to create a brighter Korean society."

Cho said, "In keeping with the wishes of my grandfather and father, who left the family motto of 'Serving the Nation through Industry,' I hope that through the Danbit Foundation, I can contribute, even if modestly, to Korea's continued development and prosperity for the next generation."