Korean businessman from major pachinko company donates 2.5 billion won for Koreans in Japan (Korea)

Born in Japan, Song Jong-tae (91), chairman of Ara Jinho Holdings, who built his business in pachinko, has announced that he will donate about 50,000 shares of Shinhan Holdings to the Korea Education Foundation.
The current value of the donation is approximately 2.5 billion won (approximately 260 million yen). According to the Korea Education Foundation and other sources on the 23rd, Chairman Sung signed the donation contract on the 14th and said, "I hope that people like me will be able to make donations like this."
"I would be happy if more people would want to donate to the foundation," he said. The Korean Education Foundation, which provides scholarships to Koreans living in Japan, has been run with donations from the Korean community and budget support from the Korean government.
The foundation's predecessor was the Korean Residents in Japan Educational Support Association, and Chairman Seong's donation is the largest in the history of the Korea Education Foundation, which was established in 1963.
Chairman Sung was also involved in the founding of Shinhan Bank, which was established with financial support from Korean residents of Japan in the early 1980s.
He participated as an investor. He increased his holdings with funds earned from the pachinko business. Chairman Sung had experience working in several places when he was young, but since his Korean nationality was revealed,
"At the time, people found out I was Korean, and I had to quit my job many times," he recalled.
Later, like many other Korean businessmen in Japan, Chairman Sung entered the pachinko business.
He opened his first pachinko parlor in 1956 in Koriyama, Fukushima's most populous city, and while he was running his pachinko business, he continued to donate to the local community and scholarship programs.
One of his representative activities is the establishment of the Seongjong Scholarship Foundation at Cheongdo Elementary School in Gyeongbuk in 1992, for which he donated approximately 500 million won. Chairman Seong was born in Japan, but lived in Korea for a short period of time.
Chairman Seiji is currently running 10 pachinko parlors under the name "Aladdin", which is the department store of his business.
In response to the decline in pachinko's popularity, he diversified his business into real estate rentals and other businesses. His company currently owns and rents out about 60 commercial properties, including hotels and shopping centers.
The Korea Education Foundation will not sell the donated Shinhan Holdings shares, but will classify them as a separate fund and use the annual stock dividends of about 100 million won to support research projects such as Japan-Korea exchange and Korean studies.
That's the plan.