Korean-Japanese Businessman Donates Shares to Korean Education Foundation

Seong Jong-tae (성종태), the 91-year-old chairman of Aladdin Holdings (알라딘홀딩스), has pledged to donate approximately 50,000 shares of Shinhan Financial Group (신한지주) to the Korean Education Foundation (한국교육재단). This donation, valued at around 2.5 billion KRW, marks the largest contribution in the foundation's history since its establishment in 1963.

On February 14, Seong signed a donation agreement and expressed his hope that his act of generosity would inspire others to contribute as well. The Korean Education Foundation, which supports scholarships for Korean residents in Japan, has been funded through donations from the Korean community and the South Korean government.

Seong has been involved in the financial sector since the early 1980s, participating as an investor in the establishment of Shinhan Bank (신한은행), which was created to support the Korean community in Japan. He has built his wealth through the pachinko business, starting his first store in Koriyama, Fukushima Prefecture, in 1956. Despite facing discrimination in Japan, he has maintained his Korean nationality, stating, "Even though I used a Japanese name in school and business, my roots are Korean."

In addition to his business ventures, Seong has a history of philanthropy, including the establishment of the Seong Jong Scholarship Foundation (성종장학회) in 1992, which contributed 500 million KRW to Cheongdo Elementary School (청도초등학교) in South Korea. Currently, he operates ten pachinko parlors under the name 'Aladdin' and has diversified his business into real estate, owning around 60 commercial properties, including hotels and shopping centers.

As he reflects on his legacy, Seong has passed the day-to-day operations of his company to his youngest son, while he contemplates his future contributions to society. The Korean Education Foundation plans to use the dividends from the donated shares, estimated at 100 million KRW annually, to support research in Korean studies and promote exchanges between Korea and Japan.