Lotte Group chairman devotes private property to create Lotte Culture Foundation

Lotte Group Chairman Shin Dong-bin devoted private fortune of 10 billion won (approx. USD 8.36 million) to create a cultural foundation.

Lotte Group announced on Thursday that it established Lotte Culture Foundation to support classic music businesses and concerts. Chairman Shin heads the board of the foundation and devoted his private fortune of 10 billion won out of contributions for establishment of the foundation, which was 20 billion won. Rest of the contributions were provided by three subsidiaries including Lotte Corporation, Lotte Hotel and Lotte Shopping. Kim Hyung-oh, former speaker of the National Assembly, and Kwon Young-bin, chairman of the Korea Culture and Arts Committee, will be the members of board of directors (consisting of five members).

Lotte Group plans to provide supports for cultural activities starting with the Lotte Concert Hall, which is to be housed on the 8th up to 10th floors in the Lotte World Mall in Songpa District, Seoul, during the second half of the next year. Lotte Concert Hall is a concert hall designated for classic music performance, which will be constructed in 28 years since Seoul Arts Center was established. Lotte Group invested 120 billion won (approx. USD 100.32 million) for the concert hall.

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