The founder and honorary president of KCC, Chung Sang-yung (admitted to the Department of Law in 1955) who donated KRW 14.5 billion for the development of his alma mater, Dongguk University, passed away in the evening of January 30th.

Honorary president Chung Sang-yung, the youngest brother of the late Chung Ju-yung, the honorary president and the founder of Hyundai Group, was born in Tongcheon, Gangwon-do in 1936 and founded Keumkang Slate Industrial, KCC’s predecessor, at the age of 22 in August 1958. He rejected support from his oldest brother, the late Chung Ju-yung, and chose to become independent. He founded Korea Chemical in 1974 and entered the paint business, which is in the field of organic chemistry. In 1989, he separated the construction business division and established Geumgang Engineering and Construction (currently KCC E&C). After merging Geumgang and Korea Chemical, and launching Geumgang KCC in 2000, he changed the company name to “KCC” in 2005 and developed it into a global chemical company of advanced materials, ranging from construction to silicon and advanced materials.

Honorary president Chung Sang-yung, who entered the Department of Law in 1955 and established a relationship with Dongguk University, donated KRW 14.5 billion to Dongguk University during his lifetime, significantly contributing to the development of the alma mater and the cultivation of younger students. This is the largest amount donated by an individual since the opening of the University. The donations were made for various areas, such as scholarships for national examination candidates, a school purchase fund, and a construction fund. In particular, KRW 11.8 billion worth of private materials were donated in 2014, and “Sangyung Bio Hall” was built on Goyang Campus of Dongguk University.

At the time of donation, honorary president Chung Sang-yung, said, “I decided to donate in the hopes that my alma mater would perform better. I would be grateful if all the members of the school, alumni, and Buddhists could also contribute to the development of Dongguk University.” In response to his statement, many people, including Yeong-il-am monk Hyun-eung, made donations.

At the completion ceremony of Sangyung Bio Hall held in November 2014, he stressed that “naming the building ‘Sangyung Bio Hall’ does not mean commemorating my name,” but “it means coexistence and co-prosperity of universities that study life sciences, life science industry, and of many people in our society.” President Yoon Sung-yee expressed gratitude and condolence, stating that “the honorary president, Chung Sang-yung, is a proud Dongguk man who contributed to national economic development as the first-generation Korean businessman” and “the great love that he has given to his alma mater Dongguk University for decades, for cultivation of talents will be forever remembered in the hearts of all Dongguk people.”