A Korean family gave away 300 years of wealth to found a college, and the government merged it and named Park Chung-hee its founder

The Choe family of Gyeongju were known from the 17th century for wealth and for sharing it. Their rules capped how much they could own and told them to let no one starve within 40 li of the house. Choe Jun (1884-1970) was the 12th-generation heir. With Ahn Hui-je he founded Baeksan Sanghoe, a trading firm that funded the independence movement, and Japanese police tortured him for it. In 1947 he gave the family estate, held for more than 300 years, to found Daegu College. The Maeil Shinmun's account says the college later turned to the Samsung group. Samsung's chairman Lee Byung-chul was then caught up in the 1966 saccharin smuggling case, after which Samsung gave Korea Fertilizer to the state. Management of the college was handed to the military government. On 22 December 1967 it was merged with Chunggu College into Yeungnam University, a merger credited to President Park Chung-hee. Chunggu's founder, Choe Hae-cheong, later called Yeungnam a "stolen" school. In 1981 Park Geun-hye, as a board member, led a change to the university's articles. In 2012 the articles were revised to describe Park Chung-hee as the founder^†. A 1969 fire destroyed parts of the Choe house in Gyeongju.