1bn (£560,000) to charity to apologise for the company's involvement in the cash-for-favours scandal. Chairman Chung Mong-koo and his son, Chung Eui-sun, will give away their entire 60 per cent stake in affiliate auto shipping company Glovis, which is valued at around $1bn. “The Hyndai Motor Group, which should have set an example for society, failed to meet its social obligations and caused concern to the people," the company said in a statement.