New Il-han
Encyclopedia
New Il-han or Yu Il-han, was a Korean independent activist and enterpriser. He founded Yuhan Co, Ltd.
. His original Korean name was Yu Il-hyeong.
Dr. New Il-han, first born in 1895 in Pyongyang
among nine brothers and sisters, departed Korea
to the United States
, at the age of 9 to study abroad by will of his father who wanted to provide his son an opportunity to become a more successful person.
While spending his school life in the United States from an early age, had learned about capitalism
.
Realizing the difficult situation of his colonized homeland, Dr. New Il-han returned to Korea and established the Yuhan Corporation
in 1926 to provide Korean people with opportunities for education and jobs and to solve public health
problems.
At this period, Dr. New Il-han devoted his life to the independence of Korea by playing a major leading role in the establishment of Mangho-Kun and participating in the NAPKO Project, the Country reclamation operation initiated by Office of Strategic Services
of the United States.
He believed that it was the duty and responsibility of business to develop itself for the prosperity of all of society. He paved the way to practice the social responsibility of business by trading Yuhan in the stock exchange
for the first time in the Korean pharmaceutical industry and by starting employee ownership.
When he died at the age of 77, he contributed all his wealth to the public foundation named the Korean Society and Education Aid Trust Fund.
Jae-Ra New, Il-han New’s first born daughter, also contributed her entire fortune to a Korean public foundation named the Yuhan Foundation when she died in 1991.
The Yuhan Foundation and Yuhan School, trace of Il-han New, the largest shareholder of Yuhan Corporation, are active in a variety of public welfare activities, scholarship programs and education for students. These activities are supported by the Yuhan Corporation’s high dividend policy
.
Dr. Il-han New founded the Yuhan Corporation in 1926 under the patriotic notion that “Only healthy people can reclaim their sovereignty.”
Dr. New was an entrepreneur
, independence activist
, pioneering educator, and one of Korea’s first philanthropist
s. He was devoted to his country, and believed that contribution to social welfare was the responsibility of all businesses, private and corporate.
Yuhan
Yuhan Co, Ltd. is a South Korean pharmaceutical and chemical company. It was established in 1926 by Yu Il-han and has been listed on the Korea Stock Exchange since 1962. It is headquartered in Daebang-dong, Dongjak-gu, Seoul, Korea....
. His original Korean name was Yu Il-hyeong.
Dr. New Il-han, first born in 1895 in Pyongyang
Pyongyang
Pyongyang is the capital of the Democratic People's Republic of Korea, commonly known as North Korea, and the largest city in the country. Pyongyang is located on the Taedong River and, according to preliminary results from the 2008 population census, has a population of 3,255,388. The city was...
among nine brothers and sisters, departed Korea
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, at the age of 9 to study abroad by will of his father who wanted to provide his son an opportunity to become a more successful person.
While spending his school life in the United States from an early age, had learned about capitalism
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
.
Realizing the difficult situation of his colonized homeland, Dr. New Il-han returned to Korea and established the Yuhan Corporation
Yuhan
Yuhan Co, Ltd. is a South Korean pharmaceutical and chemical company. It was established in 1926 by Yu Il-han and has been listed on the Korea Stock Exchange since 1962. It is headquartered in Daebang-dong, Dongjak-gu, Seoul, Korea....
in 1926 to provide Korean people with opportunities for education and jobs and to solve public health
Public health
Public health is "the science and art of preventing disease, prolonging life and promoting health through the organized efforts and informed choices of society, organizations, public and private, communities and individuals" . It is concerned with threats to health based on population health...
problems.
At this period, Dr. New Il-han devoted his life to the independence of Korea by playing a major leading role in the establishment of Mangho-Kun and participating in the NAPKO Project, the Country reclamation operation initiated by Office of Strategic Services
Office of Strategic Services
The Office of Strategic Services was a United States intelligence agency formed during World War II. It was the wartime intelligence agency, and it was a predecessor of the Central Intelligence Agency...
of the United States.
He believed that it was the duty and responsibility of business to develop itself for the prosperity of all of society. He paved the way to practice the social responsibility of business by trading Yuhan in the stock exchange
Stock exchange
A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...
for the first time in the Korean pharmaceutical industry and by starting employee ownership.
When he died at the age of 77, he contributed all his wealth to the public foundation named the Korean Society and Education Aid Trust Fund.
Jae-Ra New, Il-han New’s first born daughter, also contributed her entire fortune to a Korean public foundation named the Yuhan Foundation when she died in 1991.
The Yuhan Foundation and Yuhan School, trace of Il-han New, the largest shareholder of Yuhan Corporation, are active in a variety of public welfare activities, scholarship programs and education for students. These activities are supported by the Yuhan Corporation’s high dividend policy
Dividend policy
Dividend policy is concerned with taking a decision regarding paying cash dividend in the present or paying an increased dividend at a later stage. The firm could also pay in the form of stock dividends which unlike cash dividends do not provide liquidity to the investors, however, it ensures...
.
Dr. Il-han New founded the Yuhan Corporation in 1926 under the patriotic notion that “Only healthy people can reclaim their sovereignty.”
Dr. New was an entrepreneur
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
, independence activist
Korean independence movement
The Korean independence movement grew out of the Japanese colonial rule of the Korean peninsula from 1910 to 1945. After the Japanese surrendered, Korea became independent; that day is now an annual holiday called Gwangbokjeol in South Korea, and Chogukhaebangŭi nal in North Korea.-Background:In...
, pioneering educator, and one of Korea’s first philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
s. He was devoted to his country, and believed that contribution to social welfare was the responsibility of all businesses, private and corporate.