Chung Ju-yung
Encyclopedia
Chung Ju-yung was a South Korean
businessman and the the founder of Hyundai Group
.
, Kangwŏn province
(present day North Korea
), during a time when Korea was under Japanese rule
. Born to a large impoverished family of peasants, he was the oldest out of six children. As a young boy, Chung dreamed of becoming a school teacher but his hopes were cut short because the restrictive environment at the time kept the family stuck in poverty, effectively keeping Chung away from the opportunities of higher education
. Despite the setbacks, Chung continued to go to a local Confucian school run by his grandfather whenever his time was not taken up by tasks on the family farm.
Chung’s talent for business
became apparent during his trips into town where he would sell wood. The fast paced atmosphere of the town along with the articles in newspapers he read sparked his imagination
and he soon grew tired of the poverty
that he and his family had to endure. At the age of sixteen, Chung and a friend decided to travel to the city of Chongjin
for work in hopes of escaping the harsh realities of farm life. After a 15-mile trek through the most dangerous parts of the Paechun valley, the pair reached the town of Kowon
where they took up jobs as construction workers
. They worked long hours for low pay but Chung enjoyed the fact that he could independently earn money. Chung & his friend continued the work for two months until Chung's father found their whereabouts.
and gave him a sense of accomplishment that he had been looking for. Once he returned to Asan
, he devised another escape plan; this time towards Seoul
. With two companions, Chung left for Seoul
in April 1933. The journey seemed to be destined for failure, especially since one of the boys had already got caught by a sibling early on. More misfortune came upon them when Chung was conned by a stranger who promised him and his friend jobs but instead took all of the money they had with them. The journey came to an end when Chung's father found the two staying at Chung's grandfather's house nearby.
, where he remained for a year helping his father work on the family farm. Once his duties to the family were complete, Chung decided that it was time to make another attempt at getting out of poverty. He managed to get a train ticket for 70 won
by selling one of his father's cows Once he arrived in Seoul
, Chung enrolled himself in a local bookkeeping
school hoping to start a career as an accountant
. Things went smoothly for Chung for two months, when his father managed to find him and after a mild argument, took him back to Asan
.
. Once Chung had reached Seoul, he jumped at any job he could find. He first worked as a laborer at Incheon Harbor, later as a construction worker at Boseong Professional School and then as a handyman for a starch syrup factory.
After working for the syrup factory for nearly a year, Chung managed to land a job as a deliveryman at the Bokheung Rice Store in Seoul
. Chung's new job offered him room for advancement and as Chung became more successful at it, he decided to stay on full time. Chung eventually won the praise of the rice
store's core customers which impressed the owner so much that he allowed Chung to manage the store's accounting only after six months on the job. His experiences as the store accountant
helped Chung thoroughly gain his business sense.
In 1937, the owner of the rice store became ill and decided that it would be in his best interest to give the store to Chung. At 22 years of age, Chung became the store owner and changed the name of the store to Kyungil Rice Store. The store grew and made good profits until early 1939 when the Governor-General of Korea
implemented a rice-rationing system which forced Chung to lose profits and close the business.
once his business failed and stayed there until 1940, when he decided to try again in Seoul
. After mulling over his situation with the Japanese
, Chung decided to enter the automobile
repair business. Using a service garage he purchased from a friend, Chung started the A-do Service Garage on a 3,000 won
loan
. Within three years, the employee number grew from 20 to 70 and Chung was able to bring in a good income. In 1943, the Japanese Occupational Government forced the garage to merge with a steel plant as part of the war effort. Although his businesses were seeing their demise due to suppression by the Japanese, Chung returned to Asan with 50,000 won in savings to try and make the best of the situation.
and Hyundai Civil Industries in anticipation of the post-war reconstruction and industrialization. Chung won major government contracts and became responsible for building much of South Korea's transportation infrastructure, including the Soyang Dam
in 1967, the Gyeongbu Expressway
in 1970, the world's largest shipyard
in Ulsan
, the Kori Nuclear Power Plant
and many others. Chung also won contracts from the American military to build facilities for their personnel as his younger brother could speak English and was on good terms with the U.S. Army engineers.
During the North Korean invasion of 1950, Chung abandoned his construction projects and fled with his younger brother to Busan
for safety. Chung continued to build onto the company by gathering any kind of work he could get from the U.N. forces & the Korean Ministry of Transpotation
. Once Seoul was regained by U.N. forces, Chung reestablished the company and continued to gather more work from the Americans.
From there on, Chung continued to grow and diversify the company into one of South Korea's major chaebol
. With no experience in shipbuilding, he created the Ulsan shipyard, the largest shipyard in the world. The first vessel was completed in three years (rather than the expected five) as Chung had the shipyard and vessel built simultaneously. He introduced the Hyundai Pony
in 1975 and the Hyundai Excel
in 1986 using only Korean technology and expertise.
, he carried out a successful reclamation project, using a decommissioned oil tanker
as a cofferdam
. Also he sent 1001 cows over the DMZ to North Korea. He was the first to propose the Geumgangsan sightseeing excursions. He developed the PONY
as a first Korean car, which was the start of Hyundai Motors. He founded the Hyundai Heavy Steel Company which developed a non-dock shipmaking method.
Chung's philanthropy distinguished him from the other businessmen of his generation. In 1977 he founded the Asan Foundation with a scope of activities comparable to those of the Ford or Rockefeller Foundations.
The Asan Foundation was organized into four major areas of service: medical support, social welfare, research and development, and a scholarship fund. Through its efforts, the Foundation established nine hospitals throughout South Korea, built Ulsan Medical College, and funded the Asan Life Sciences Research Institute. The Foundation also initiated cooperative arrangements between industry and academic institutions by supporting such academic research as the Sinyoung Research Fund.
Chung is credited with successfully lobbying for South Korea to host the 1988 Summer Olympics. This success highlighted the accomplishments of his generation in the eyes of the world and became a source of great pride to the people of Seoul. In 1992 the International Olympic Committee
awarded Chung an IOC Medallion for his contributions to sports as a vehicle of international understanding.
Chung also worked to normalize relations between the two Koreas. In 1998, at the age of 84, he worked with the South Korean government to provide economic assistance to the North. President Kim wanted to provide a $100 million donation as a way to jump-start economic development in North Korea. However, Kim could not find a legal way to transfer the funds. He turned to Chung, who was already negotiating a large program with the North. Kim persuaded Chung to increase his investment by $100 million with money from secret loans provided by the government-controlled Korea Development Bank
. The historic South-North summit took place, with Chung traveling across the border in a motorcade of cars containing some 500 "unification
cows" as a gift to the North Korean people.
, along with her husband and their son.
via Chung-Soon-young
via Chung Shin-yong
via Chung Se-yong
via Chung Sang-yong
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
businessman and the the founder of Hyundai Group
Hyundai Group
Hyundai Group is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second biggest...
.
Early life
Chung Ju-yung was born in TongchonTongchon
Tongchon is a kun, or county, in Kangwon province, North Korea. It abuts the Sea of Japan to the north and east. Famous people from Tongchon include former Hyundai chairman Chung Ju-yung, who is believed to have been born there....
, Kangwŏn province
Gangwon (historical)
Gangwon Province or Gangwon-do was one of the Eight Provinces of Korea during the Joseon Dynasty. The province was formed in 1395, and derived its name from the names of the principal cities of Gangneung and the provincial capital Wonju .In 1895, Gangwon-do was replaced by the Districts of...
(present day North Korea
North Korea
The Democratic People’s Republic of Korea , , is a country in East Asia, occupying the northern half of the Korean Peninsula. Its capital and largest city is Pyongyang. The Korean Demilitarized Zone serves as the buffer zone between North Korea and South Korea...
), during a time when Korea was under Japanese rule
Korea under Japanese rule
Korea was under Japanese rule as part of Japan's 35-year imperialist expansion . Japanese rule ended in 1945 shortly after the Japanese defeat in World War II....
. Born to a large impoverished family of peasants, he was the oldest out of six children. As a young boy, Chung dreamed of becoming a school teacher but his hopes were cut short because the restrictive environment at the time kept the family stuck in poverty, effectively keeping Chung away from the opportunities of higher education
Higher education
Higher, post-secondary, tertiary, or third level education refers to the stage of learning that occurs at universities, academies, colleges, seminaries, and institutes of technology...
. Despite the setbacks, Chung continued to go to a local Confucian school run by his grandfather whenever his time was not taken up by tasks on the family farm.
Chung’s talent for business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
became apparent during his trips into town where he would sell wood. The fast paced atmosphere of the town along with the articles in newspapers he read sparked his imagination
Imagination
Imagination, also called the faculty of imagining, is the ability of forming mental images, sensations and concepts, in a moment when they are not perceived through sight, hearing or other senses...
and he soon grew tired of the poverty
Poverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
that he and his family had to endure. At the age of sixteen, Chung and a friend decided to travel to the city of Chongjin
Chongjin
Ch'ŏngjin is the capital of North Korea's North Hamgyŏng Province and the country's third largest city. From 1960 to 1967 and again from 1977 to 1985, Ch'ŏngjin was administered separately from North Hamgyŏng as a Directly Governed City...
for work in hopes of escaping the harsh realities of farm life. After a 15-mile trek through the most dangerous parts of the Paechun valley, the pair reached the town of Kowon
Kowon
Kowon is a county in South Hamgyong province, North Korea. It lies at the southern tip of the province.-Physical features:The highest point is Palbongsan. The western reaches of the county are high and mountainous, while the east is a low-lying plain. Major rivers and streams include the Chontan...
where they took up jobs as construction workers
Construction
In the fields of architecture and civil engineering, construction is a process that consists of the building or assembling of infrastructure. Far from being a single activity, large scale construction is a feat of human multitasking...
. They worked long hours for low pay but Chung enjoyed the fact that he could independently earn money. Chung & his friend continued the work for two months until Chung's father found their whereabouts.
Second attempt
The journey that Chung and his friend had embarked on made him realize his passion for civil engineeringCivil engineering
Civil engineering is a professional engineering discipline that deals with the design, construction, and maintenance of the physical and naturally built environment, including works like roads, bridges, canals, dams, and buildings...
and gave him a sense of accomplishment that he had been looking for. Once he returned to Asan
Asan
Asan is a city in South Chungcheong Province, South Korea. It is located at , bordering the Seoul Metropolitan Area to the north. Asan has a population of approximately 250,000.Asan is known for its hot springs and is a city of spas....
, he devised another escape plan; this time towards Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
. With two companions, Chung left for Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
in April 1933. The journey seemed to be destined for failure, especially since one of the boys had already got caught by a sibling early on. More misfortune came upon them when Chung was conned by a stranger who promised him and his friend jobs but instead took all of the money they had with them. The journey came to an end when Chung's father found the two staying at Chung's grandfather's house nearby.
Third attempt
Chung once again found himself in AsanAsan
Asan is a city in South Chungcheong Province, South Korea. It is located at , bordering the Seoul Metropolitan Area to the north. Asan has a population of approximately 250,000.Asan is known for its hot springs and is a city of spas....
, where he remained for a year helping his father work on the family farm. Once his duties to the family were complete, Chung decided that it was time to make another attempt at getting out of poverty. He managed to get a train ticket for 70 won
Won
Won or WON may refer to:*The Korean won from 1902–1910:**South Korean won, the currency of the Republic of Korea**North Korean won, the currency of the Democratic People's Republic of Korea* Won , the Korean form of Yuan...
by selling one of his father's cows Once he arrived in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
, Chung enrolled himself in a local bookkeeping
Bookkeeping
Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, receipts and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually...
school hoping to start a career as an accountant
Accountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
. Things went smoothly for Chung for two months, when his father managed to find him and after a mild argument, took him back to Asan
Asan
Asan is a city in South Chungcheong Province, South Korea. It is located at , bordering the Seoul Metropolitan Area to the north. Asan has a population of approximately 250,000.Asan is known for its hot springs and is a city of spas....
.
Rice merchant
In 1933, at the age of 18, Chung decided to make a fourth attempt to escape. He left during the night with a friend who had been trying to escape a forced marriageMarriage
Marriage is a social union or legal contract between people that creates kinship. It is an institution in which interpersonal relationships, usually intimate and sexual, are acknowledged in a variety of ways, depending on the culture or subculture in which it is found...
. Once Chung had reached Seoul, he jumped at any job he could find. He first worked as a laborer at Incheon Harbor, later as a construction worker at Boseong Professional School and then as a handyman for a starch syrup factory.
After working for the syrup factory for nearly a year, Chung managed to land a job as a deliveryman at the Bokheung Rice Store in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
. Chung's new job offered him room for advancement and as Chung became more successful at it, he decided to stay on full time. Chung eventually won the praise of the rice
Rice
Rice is the seed of the monocot plants Oryza sativa or Oryza glaberrima . As a cereal grain, it is the most important staple food for a large part of the world's human population, especially in East Asia, Southeast Asia, South Asia, the Middle East, and the West Indies...
store's core customers which impressed the owner so much that he allowed Chung to manage the store's accounting only after six months on the job. His experiences as the store accountant
Accountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
helped Chung thoroughly gain his business sense.
In 1937, the owner of the rice store became ill and decided that it would be in his best interest to give the store to Chung. At 22 years of age, Chung became the store owner and changed the name of the store to Kyungil Rice Store. The store grew and made good profits until early 1939 when the Governor-General of Korea
Governor-General of Korea
The post of Japanese Governor-General of Korea served as the chief administrator of the Japanese government in Korea while it was held as the Japanese colony of Chōsen from 1910 to 1945...
implemented a rice-rationing system which forced Chung to lose profits and close the business.
A-do Service Garage
Chung returned to his villageVillage
A village is a clustered human settlement or community, larger than a hamlet with the population ranging from a few hundred to a few thousand , Though often located in rural areas, the term urban village is also applied to certain urban neighbourhoods, such as the West Village in Manhattan, New...
once his business failed and stayed there until 1940, when he decided to try again in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
. After mulling over his situation with the Japanese
Empire of Japan
The Empire of Japan is the name of the state of Japan that existed from the Meiji Restoration on 3 January 1868 to the enactment of the post-World War II Constitution of...
, Chung decided to enter the automobile
Automobile
An automobile, autocar, motor car or car is a wheeled motor vehicle used for transporting passengers, which also carries its own engine or motor...
repair business. Using a service garage he purchased from a friend, Chung started the A-do Service Garage on a 3,000 won
Won
Won or WON may refer to:*The Korean won from 1902–1910:**South Korean won, the currency of the Republic of Korea**North Korean won, the currency of the Democratic People's Republic of Korea* Won , the Korean form of Yuan...
loan
Loan
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....
. Within three years, the employee number grew from 20 to 70 and Chung was able to bring in a good income. In 1943, the Japanese Occupational Government forced the garage to merge with a steel plant as part of the war effort. Although his businesses were seeing their demise due to suppression by the Japanese, Chung returned to Asan with 50,000 won in savings to try and make the best of the situation.
Hyundai
In 1946, after the liberation of Korea from Japanese control, Chung started HyundaiHyundai
Hyundai ) is a global conglomerate company, part of the Korean chaebol, that was founded in South Korea by one of the most famous businessmen in Korean history: Chung Ju-yung...
and Hyundai Civil Industries in anticipation of the post-war reconstruction and industrialization. Chung won major government contracts and became responsible for building much of South Korea's transportation infrastructure, including the Soyang Dam
Soyang Dam
The Soyang Dam, also referred to as the Soyanggang Dam, is an embankment dam on the Soyang River, northeast of Chuncheon in Gangwon-do Province, South Korea. The purpose of the dam is flood control, water supply and hydroelectric power generation. Construction on the dam began in 1967 and was...
in 1967, the Gyeongbu Expressway
Gyeongbu Expressway
The Gyeongbu Expressway is the second oldest and most heavily travelled expressway in South Korea, connecting Seoul to Suwon, Daejeon, Gumi, Daegu, and Busan. It has the route number 1, signifying its role as South Korea's most important expressway...
in 1970, the world's largest shipyard
Shipyard
Shipyards and dockyards are places which repair and build ships. These can be yachts, military vessels, cruise liners or other cargo or passenger ships. Dockyards are sometimes more associated with maintenance and basing activities than shipyards, which are sometimes associated more with initial...
in Ulsan
Ulsan
Ulsan , officially the Ulsan Metropolitan City, is South Korea's seventh largest metropolis with a population of over 1.1 million. It is located in the south-east of the country, neighboring Busan to the south and facing Gyeongju to the north and the Sea of Japan to the east.Ulsan is the...
, the Kori Nuclear Power Plant
Kori Nuclear Power Plant
The Kori Nuclear Power Plant is a South Korean nuclear power plant located in Gori, a suburban village in Busan. It is owned and operated by Korea Hydro & Nuclear Power, a subsidiary of KEPCO...
and many others. Chung also won contracts from the American military to build facilities for their personnel as his younger brother could speak English and was on good terms with the U.S. Army engineers.
During the North Korean invasion of 1950, Chung abandoned his construction projects and fled with his younger brother to Busan
Busan
Busan , formerly spelled Pusan is South Korea's second largest metropolis after Seoul, with a population of around 3.6 million. The Metropolitan area population is 4,399,515 as of 2010. It is the largest port city in South Korea and the fifth largest port in the world...
for safety. Chung continued to build onto the company by gathering any kind of work he could get from the U.N. forces & the Korean Ministry of Transpotation
Ministry of Land, Transport and Maritime Affairs
The Ministry of Land, Transport and Maritime Affairs is a cabinet-level division of the government of South Korea. It has its headquarters in the 4th building of the Gwacheon Government Complex, in Gwacheon, Gyeonggi-do. As of 2011 Chung Jong-hwan is the minister.The ministry was originally the...
. Once Seoul was regained by U.N. forces, Chung reestablished the company and continued to gather more work from the Americans.
From there on, Chung continued to grow and diversify the company into one of South Korea's major chaebol
Chaebol
Chaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...
. With no experience in shipbuilding, he created the Ulsan shipyard, the largest shipyard in the world. The first vessel was completed in three years (rather than the expected five) as Chung had the shipyard and vessel built simultaneously. He introduced the Hyundai Pony
Hyundai Pony
The Hyundai Pony , was a small rear-wheel drive automobile produced by the Hyundai Motor Company from 1975 to 1988 .-Background:...
in 1975 and the Hyundai Excel
Hyundai Excel
The Hyundai Excel , also known as the Hyundai Pony, Hyundai Presto and the Mitsubishi Precis, was the first front wheel drive car produced by Hyundai. The Excel was built from 1985 to 1994...
in 1986 using only Korean technology and expertise.
Later years
From the 1980s until recently, the Hyundai Group was split up into many satellite groups. Chung had a very successful career. In SeosanSeosan City
Seosan is a city in South Chungcheong Province, South Korea. Located at , it has a population of 163,055 according to the 2010 census.-Climate:...
, he carried out a successful reclamation project, using a decommissioned oil tanker
Oil tanker
An oil tanker, also known as a petroleum tanker, is a merchant ship designed for the bulk transport of oil. There are two basic types of oil tankers: the crude tanker and the product tanker. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries...
as a cofferdam
Cofferdam
A cofferdam is a temporary enclosure built within, or in pairs across, a body of water and constructed to allow the enclosed area to be pumped out, creating a dry work environment for the major work to proceed...
. Also he sent 1001 cows over the DMZ to North Korea. He was the first to propose the Geumgangsan sightseeing excursions. He developed the PONY
Hyundai Pony
The Hyundai Pony , was a small rear-wheel drive automobile produced by the Hyundai Motor Company from 1975 to 1988 .-Background:...
as a first Korean car, which was the start of Hyundai Motors. He founded the Hyundai Heavy Steel Company which developed a non-dock shipmaking method.
Chung's philanthropy distinguished him from the other businessmen of his generation. In 1977 he founded the Asan Foundation with a scope of activities comparable to those of the Ford or Rockefeller Foundations.
The Asan Foundation was organized into four major areas of service: medical support, social welfare, research and development, and a scholarship fund. Through its efforts, the Foundation established nine hospitals throughout South Korea, built Ulsan Medical College, and funded the Asan Life Sciences Research Institute. The Foundation also initiated cooperative arrangements between industry and academic institutions by supporting such academic research as the Sinyoung Research Fund.
Chung is credited with successfully lobbying for South Korea to host the 1988 Summer Olympics. This success highlighted the accomplishments of his generation in the eyes of the world and became a source of great pride to the people of Seoul. In 1992 the International Olympic Committee
International Olympic Committee
The International Olympic Committee is an international corporation based in Lausanne, Switzerland, created by Pierre de Coubertin on 23 June 1894 with Demetrios Vikelas as its first president...
awarded Chung an IOC Medallion for his contributions to sports as a vehicle of international understanding.
Chung also worked to normalize relations between the two Koreas. In 1998, at the age of 84, he worked with the South Korean government to provide economic assistance to the North. President Kim wanted to provide a $100 million donation as a way to jump-start economic development in North Korea. However, Kim could not find a legal way to transfer the funds. He turned to Chung, who was already negotiating a large program with the North. Kim persuaded Chung to increase his investment by $100 million with money from secret loans provided by the government-controlled Korea Development Bank
Korea Development Bank
Korea Development Bank is a wholly state-owned policy bank in South Korea It was founded in 1954 in accordance with The Korea Development Bank Act to finance and manage major industrial projects to expedite industrial development and enhance the national economy. As Korea’s representative...
. The historic South-North summit took place, with Chung traveling across the border in a motorcade of cars containing some 500 "unification
Korean reunification
Korean reunification refers to the hypothetical future reunification of North Korea and South Korea under a single government...
cows" as a gift to the North Korean people.
Death
Chung died at the age of 86 of natural causes at his home in Seoul, and was buried in accordance to Buddhist and Confucian customary rites. His wife, Byeon Jung-seok, died on August 17, 2007, due in part to long-term heart complications, and was buried in a family graveyard in HanamHanam
Hanam is a city in Gyeonggi Province, South Korea. Formerly a part of Gwangju County, it was designated a city in 1989. The ancient Baekje capital of Hanam Wiryeseong may have been located there....
, along with her husband and their son.
Brothers
- Chung In-yung. After leaving the Hyundai Group, he founded the Halla Business Group, whose interests, included Mando Machinery, Halla Cement, Halla Construction, Halla Heavy Industries, Halla Climate Control CorpHalla Climate Control CorpHalla Climate Control Corp was founded on March 11, 1986 as a joint venture between the Ford Motor Company and Mando Machinery Co., the predecessor of Mando Corp....
. - Chung Soon-Yung. After working for Hyundai Engineering & Construction he ventured by taking with him Hyundai Cement to form the Sungwoo Business Group, which includes Hyundai Cement, Hyundai Welding, Sungwoo Automotive, etc.
- Chung Shin-yung. Died in an auto accident in Germany while working as a journalist for a Korean newspaper company. His only son Chung Mong-hyuk ran Hyundai Oilbank, the third largest oil refiner in Korea.
- Chung Sang-yung. Founder of the KCCKCCKCC may refer to:*KCC Chemical, a Korean chemical manufacturer*KCC Software, a Korean software company*KCC Mall, a shopping mall in the Philippines.*Kai C++ Compiler, Kuck & Associates, Inc...
(Keumkang) group, Korea's leading paint and glass maker. - Chung Se-yung. Founder of Hyundai Motor. Left the Hyundai Group with Hyundai Development Co., Ltd., the leading housing builder in Korea.
Sons
- Chung Mong-pil. Died in a car accident in UlsanUlsanUlsan , officially the Ulsan Metropolitan City, is South Korea's seventh largest metropolis with a population of over 1.1 million. It is located in the south-east of the country, neighboring Busan to the south and facing Gyeongju to the north and the Sea of Japan to the east.Ulsan is the...
, in a Hyundai-built Ford GranadaFord GranadaFord Motor Company used the Ford Granada for unrelated vehicles sold in different markets:* The European Ford Granada was built and marketed in Europe from 1972 to 1994.* The American Ford Granada was built and marketed in North America from 1975 to 1982...
, leaving no sons. - Chung Mong-kooChung Mong-kooChung Mong Koo is the chairman of Hyundai Motor Group, the largest carmaker in South Korea. The Hyundai Motor Group is consist of 42 subsidiaries and it is second largest Chaebol in South Korea...
. Currently the head of the Hyundai Kia Automotive GroupHyundai Kia Automotive GroupThe Hyundai Kia Automotive Group is South Korea's largest automobile manufacturer, the second largest automaker in Asia after Toyota and the world's fourth largest automaker after Toyota, GM, and Volkswagen as of the end of 2010...
, the second largest business group in Korea. - Chung Mong-kun. Currently the Chairman of the Hyundai Department StoreHyundai Department StoreHyundai Department Store , together with Lotte Department Store and Shinsegae, is one of the three major department store chains in South Korea...
Group, one of the largest retailers in South Korea. - Chung Mong-woo. Committed suicide leaving three sons. His oldest son Chung Il-sun is currently the President of BNG Steel, a member of the Hyundai Kia Automotive GroupHyundai Kia Automotive GroupThe Hyundai Kia Automotive Group is South Korea's largest automobile manufacturer, the second largest automaker in Asia after Toyota and the world's fourth largest automaker after Toyota, GM, and Volkswagen as of the end of 2010...
. - Chung Mong-hunChung Mong-hunChung Mong-hun was the 5th son of Chung Ju-yung, the founder of the South Korean Hyundai conglomerate. After the death of his father, he took over part of his father's role and became the chairman of Hyundai Asan, the company in charge of various business ventures between North and South Korea...
. Former Chairman of the Hyundai GroupHyundai GroupHyundai Group is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second biggest...
and heir apparent to his father. He committed suicide in August 2003, leaving his wife Hyun Chung-eun control of the Hyundai Group. - Chung Mong-joon. Politician and de facto owner of Hyundai Heavy IndustriesHyundai Heavy IndustriesHyundai Heavy Industries Co., Ltd. is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. The company is a subsidiary of Hyundai Heavy Industries Group...
, the world's largest shipbuildingShipbuildingShipbuilding is the construction of ships and floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights, follow a specialized occupation that traces its roots to before recorded history.Shipbuilding and ship repairs, both...
firm, as well as Vice Chairman of FIFAFIFAThe Fédération Internationale de Football Association , commonly known by the acronym FIFA , is the international governing body of :association football, futsal and beach football. Its headquarters are located in Zurich, Switzerland, and its president is Sepp Blatter, who is in his fourth...
. - Chung Mong-yoon. Chairman of Hyundai Marine & Fire InsuranceHyundai Marine & Fire InsuranceMarine & Fire Insurance Company is a marine and fire, automobile insurance company established in 1955, with headquarters in Jongno-gu, Seoul, South Korea. Hyundai Marine is the second-largest private marine, fire, automobile insurer in Korea and the nation's largest writer of marine, fire,...
, Korea's third largest non-life insurer. - Chung Mong-il. Former Chairman of Hyundai Merchant Bank and Kangwon Bank.
Nephews
via Chung In-Young- Chung Mong-Guk.
- Chung Mong-won. Chairman of Halla Group. Recently reacquired Mando Machinery.
via Chung-Soon-young
- Chung Mong-sun. Chairman of Sungwoo Group (Hyundai Cement).
- Chung Mong-suk. Chairman of Hyundai Welding Co., Ltd.
- Chung Mong Hoon. Chairman of Sungwoo Hyokwang International Co.
- Chung Mong-yong. Chairman of Sungwoo Automotive.
via Chung Shin-yong
- Chung Mong-hyuk. Former President of Hyundai Oil & Hyundai Petrochemical; current Chairman of Hyundai CorporationHyundai CorporationHyundai Corporation is a South Korean company founded in 1976 as part of the Hyundai Group. It is composed of five divisions: Automobile and Electrical Equipment, Ship and Machinery, Steel, Brand Licensing and Commodities, and Natural Resources...
.
via Chung Se-yong
- Chung Mong-kyu. Former Chairman of Hyundai Motor. Current Chairman of Hyundai Development Co., Ltd.
via Chung Sang-yong
- Chung Mong-jin. Chairman of KCC.
- Chung Mong-ik. Vice Chairman of KCC.
- Chung Mong-yeol. President of KCC Construction Co., Ltd.
External links
Chung Ju Yung Cyber Museum- http://www.time.com/time/asia/2006/heroes/bl_yung.html
- http://www.asanmuseum.com/english/sub07_english01.htm