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New Il Han is the most respected businessman in the 20th century Korea, a social worker, and an educator. He donated all his property as charity and educational fund by will.
His parents were Christians (Baptist) converted at the turn of the century. Under the help of Mrs. E. B. Tufts he was educated in Hastings High School, Nebraska and the University of Michigan, where he received a degree in Business Administration. and met Wally Smith. After graduation Smith decided to offer fresh bean sprouts at his grocery store. With Il Han New he started growing them in a bath tub. Next they canned them in glass jars, which led, in 1922 to the formation of the La Choy corporation which eventually has been one of the America's most famous Chinese food companies.
New later sold his shares of the corporation In 1926, came back to Korea and founded the Yuhan pharmaceutical company. He wrote an essay, “When I Was a Boy in Korea” for the purpose of introducing Korea to the world (1928). During the World War II, he returned to America and studied and served at special army team (OSS). He came to Korea when Korea was liberated and rebuilt Yuhan pharmaceutical company and managed the company until he died. Yuhan pharmaceutical company is one of the Korea‘s biggest pharmaceutical companies. He also served as the chairman of the Korea Chamber of Commerce(1946). He also founded a high school named “Yuhan Technical High School”(1963) and later Yuhan College(1978).
In 1963, Dr. New donated 17,000 shares of Yuhan stock to Yonsei University to encourage medical science education. He also helped establish the "Health Fellowship Foundation" with the donation of additional Yuhan shares. In 1965, the "Yuhan Administration Committee for the Education Trust Fund" was established under the basis of Dr. New's donation of 56,000 Yuhan shares, and various educational program, including scholarships, were expanded further. Six months before he passed away, Dr. New established and left all his property to the" Trust Fund for the Social & Educational Assistance of Korea". Furthermore Jaerah New, the daughter of Dr. New, also donated all her property to the society by way of “Yuhan Foundation” in 1991.The following saying was Dr. New's enterprise ideology and philosophy of life to which he had lived up during his lifetime and has become the root of the spirit and creed of Yuhan."An entrepreneur should do his best to make superior goods to serve the nation and fellow countrymen, and should produce a large number of honest and responsible citizens who will contribute to society.
He should raise the desirable enterprise to provide people with much more places to work, pay his tax honestly, and then return the profit gained from a business to the society which nourished the growth of the business.” |
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