Late founder`s stake to go to HEC

The Hyundai Group said Thursday that it would donate the late Chung Ju-Yung`s 15.77-percent stake in Hyundai Engineering and Construction (HEC), which amounts to 50 million shares, to the cash-strapped company.

Chung Soon-Won, vice president of Hyundai-Kia Motors Group, said that the decision to donate the stake was made in accordance with the group founder`s will. ``Chung`s family members are also sympathetic to the idea,`` he said. ``The decision was made a long time ago but no decisions have been made on the other properties.`` Chung Soon-Won serves as spokesman for the committee preparing for Chung`s funeral.

Asked whether the group would make public the late Chung`s will, the spokesman said he didn`t know. He also said the late Chung`s funeral would cost about 800 million won, not the 2.8 billion won some analysts had estimated.

Kim Dong-Won daviskim@donga.com