Ilhan New (유일한 柳一韓, January 15, 1895March 11, 1971) was a Korean independence activist and entrepreneur. He founded

La Choy La Choy (stylized La Choy 東) is a brand name of canned and prepackaged American Chinese food ingredients. The brand was purchased in 1990 from Beatrice Foods by ConAgra Foods during the LBO firm Kohlberg Kravis Roberts' dismantling of the compa ...

Food Products, Inc. and Yuhan Co, Ltd. His original Korean name was Ilhyeong New.

Early life

New was born in 1895 in

Pyongyang Pyongyang (, , ) is the capital and largest city of North Korea, where it is known as the "Capital of the Revolution". Pyongyang is located on the Taedong River about upstream from its mouth on the Yellow Sea. According to the 2008 populatio ...

among nine brothers and sisters, and emigrated to the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

at the age of 9. In America he gained a degree from the

University of Michigan , mottoeng = "Arts, Knowledge, Truth" , former_names = Catholepistemiad, or University of Michigania (1817–1821) , budget = $10.3 billion (2021) , endowment = $17 billion (2021)As o ...

and founded

Foods in 1922.

Yuhan Corporation

New returned to Korea in 1926, where he established the

Yuhan Corporation Yuhan Corporation () is a South Korean pharmaceutical and chemical company headquartered in Daebang-dong, Dongjak-gu, Seoul. It was established in 1926 by New Il-han and has been listed on the Korea Stock Exchange since 1962. Yuhan is one of t ...

under the notion that “Only healthy people can reclaim their sovereignty.” Believing that it was the duty and responsibility of a business to develop itself for the prosperity of all of society, New traded Yuhan in the

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for th ...

for the first time in the Korean

pharmaceutical industry The pharmaceutical industry discovers, develops, produces, and markets drugs or pharmaceutical drugs for use as medications to be administered to patients (or self-administered), with the aim to cure them, vaccinate them, or alleviate symptoms. ...

and started a program of

employee ownership Employee stock ownership, or employee share ownership, is where a company's employees own shares in that company (or in the parent company of a group of companies). US employees typically acquire shares through a share option plan. In the UK, Emp ...

. He was involved in the establishment of ''Mangho-Kun'' and participating in the NAPKO Project, the Country reclamation operation initiated by the United States

Office of Strategic Services The Office of Strategic Services (OSS) was the intelligence agency of the United States during World War II. The OSS was formed as an agency of the Joint Chiefs of Staff (JCS) to coordinate espionage activities behind enemy lines for all branc ...

. In 1943, he authored a booklet entitled "Korea and the Pacific War" which was based on a report he prepared for the Office of Strategic Services (OSS). He also founded several schools.

Death and legacy

When he died at the age of 77, he donated all his wealth to the public foundation named the ''Korean Society and Education Aid Trust Fund''. Jae-Ra New, Il-han New's first-born daughter, also contributed her entire fortune to a Korean public foundation named the ''

Yuhan Foundation Yuhan Corporation () is a South Korean pharmaceutical and chemical company headquartered in Daebang-dong, Dongjak-gu, Seoul. It was established in 1926 by New Il-han and has been listed on the Korea Stock Exchange since 1962. Yuhan is one of t ...

'' when she died in 1991. The Yuhan Foundation and

Yuhan School Yuhan Corporation () is a South Korean pharmaceutical and chemical company headquartered in Daebang-dong, Dongjak-gu, Seoul. It was established in 1926 by New Il-han and has been listed on the Korea Stock Exchange since 1962. Yuhan is one of th ...

he founded are active in a variety of

public welfare Welfare, or commonly social welfare, is a type of government support intended to ensure that members of a society can meet basic human needs such as food and shelter. Social security may either be synonymous with welfare, or refer specificall ...

activities, scholarship programs and education for students. These activities are supported by the Yuhan Corporation's high

dividend policy Dividend policy is concerned with financial policies regarding paying cash dividend in the present or paying an increased dividend at a later stage. Whether to issue dividends, and what amount, is determined mainly on the basis of the company's una ...

References

External links

Yuhan Corporation Homepage
1895 births 1971 deaths Korean independence activists 20th-century South Korean businesspeople Korean revolutionaries People from Pyongyang Food and drink company founders University and college founders Korean company founders Pharmaceutical company founders University of Michigan alumni 20th-century Korean businesspeople {{SouthKorea-bio-stub