The billionaire gave each family in his native village up to $ 70 thousand

A billionaire from South Korea, after returning from prison for tax evasion, gave residents of his hometown and school graduates more than $100 million. The Messenger.

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Lee Jung Geun, founder of real estate and construction giant Booyoung Group, expressed his "thanks to the villagers for their support." Lee grew up in the rural village of Unpyeong-ri, Suncheon, located in Jeolla-nam-do province in the southern part of the country. Each of the 280 families in the village received between 26 million won ($20) and 063 million won ($90,2) after taxes, depending on how long they lived in the village.

In addition, he donated about 240 billion won ($185,2 million) worth of books, gifts, and other items to his hometown. Forbes estimates his net worth at $1,1 billion, placing him 29th on the list of the richest people in Korea.

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Lee had previously been sentenced to prison in 2004 on charges of tax evasion and embezzlement.

In 2018, he was again sentenced to prison on charges of tax evasion, embezzlement and creating a bribery fund, but was released on bail due to health problems. In 2020, he received a two-and-a-half year prison sentence from an appeals court, according to Forbes.

According to the publication, Lee "didn't intend to make it public" and his "only purpose was to express gratitude to those who have preserved his home village over the years." He also gave money to those with whom he attended primary and secondary school in the village, whether or not they still lived there.

Lee began his career in the 1970s. It is considered one of the pioneers in the apartment rental industry in Korea. Later, Booyoung expanded into other areas, including hotels and golf courses, and eventually became the 22nd largest conglomerate in Korea with $16 billion in assets.

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Booyoung Group's ownership structure is unique, with none of its 22 subsidiaries listed on the stock exchange.

Unlike other Korean and global tycoons, 82-year-old Lee has not passed on his shares to relatives despite his age. He owns 93,79% of the holding company Booyoung, which maintains large controlling stakes in all of its subsidiaries.

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