Ilhan New the Social Worker
Ilhan New the Social Worker
The profit from a company should be returned to the society that nurtured the company.
The Trust Fund for Korean Society and Education Aids (currently, Yuhan Foundation) is the educational foundation of Yuhan Technical High School. The fund was later separated from Yuhan School. Before his death, Dr. Ilhan New already donated 96,282 shares to the foundation. As a result, the foundation owned a total of 237,223 shares, which are 24% of Yuhan Corp.'s shares (960,000), becoming the largest shareholder. In addition, when he was alive, Dr. Ilhan New donated 41,000 shares to Yonsei University Foundation, 40,000 shares to Yuhan Technical High School, 27,218 shares to Yuhan Mutual Benefit Association, and 17,368 shares to the Health Fellowship Foundation. The percentage of the shares owned by these public institutions is as high as 45%, indicating the ownership and management system of Yuhan Corp. Dr. Ilhan New donated his shares to individual educational foundations including Yonsei University Foundation, with a condition, which was that the stocks should not be sold for a purpose beside medical welfare and education.
Dr. Ilhan New also made preparations to prevent his will from being distorted after his death. He returned to the society not only his properties but also the company he managed, believing that a company may be meaningless if it does not serve the society continuously. Therefore, he did not leave his company to his families or relatives. Such a principle that Dr. Ilhan New kept was well shown in his will testament.
| Institutions to which stocks were donated | Shares |
|---|---|
| Trust Fund for Korean Society and Education Aids | 96,282 |
| Yonsei University | 41,000 |
| Yuhan Technical High School | 40,000 |
| Yuhan Mutual Benefit Association | 27,218 |
| Health Fellowship Foundation | 17,368 |
| <Stock donation by Ilhan New> | |
1. Give 10,000 USD to my granddaughter, Yi-ling New for her education until college education.
2. Give my daughter, Jae-ra, the tomb and the surrounding land of about 16,500 m2 in Yuhan Technical High School.
3. Donate my stocks of Yuhan Corp. (140,941 shares) to Trust Fund for Korean Society and Education Aids.
Ilhan New's will testament-
These are all of his statements about how to handle his properties. He left nothing to his son, Il-seon New who even worked as a vice-president of Yuhan Corp. He just stated that his son should live with his own money, because he had already supported his son even to the college education. He left no properties to his wife, only asking his daughter, Jae-ra, to take care of her mother in her old years. He left his daughter, Jae-ra, the land, but it was a request rather than inheritance. He asked her to built Yuhan Garden with no fences. His wish was to see the students playing around the garden after he was buried in the tomb inside the school area.
No matter how wealthy you may be, you will have nothing in your hands, lying on the white bed sheet before your imminent death.