Kim Jung-ju, South Korean billionaire and founder of gaming company behind ‘MapleStory,’ dies at 54

Kim Jung-ju, the founding father of Nexon, South Korea’s largest gaming firm, died on Feb. 28 in Hawaii at 54 years previous.

NXC, Nexon’s holding firm, introduced Kim’s loss of life and acknowledged that he had been present process remedy for despair as his bodily signs worsened, in response to The Korea Herald.

He’s survived by his two teenage daughters, Kim Jung-min and Kim Jung-youn, and spouse, Yoo Jung-hyun.

Nexon CEO Owen Mahoney launched a press release that learn:, “It’s troublesome to specific the tragedy of shedding our pal and mentor Jay Kim, a person who had an immeasurably constructive impression on the world. As a founder and visionary chief, Jay inspired these round him to disregard the skeptics and belief their artistic instincts. He will probably be deeply missed by his Nexon household and lots of pals.”

Kim launched Nexon in 1994, and it turned the primary Korean gaming firm to earn over $830 million in annual gross sales throughout the first 12 months of its debut. Nexon additionally developed one of many first multiplayer on-line role-playing video games, “The Kingdom of the Winds,” in 1996 and launched one of many world’s most well-known video games, “MapleStory,” in 2003.

In keeping with Seoulz, Nexon is now the largest gaming firm in South Korea with a market capitalization of $27 billion.

In 2007, the 54-year-old made his debut on Forbes’ Korea’s Richest Checklist the place he ranked No. 28 with a web value of $590 million. In June 2021, Kim formally turned the third richest man in South Korea with a complete web value of $10.9 billion, reported Forbes.

After pleading not responsible to bribery costs in 2016 when Kim was indicted of lending cash to a detailed prosecutor pal, he centered on varied philanthropic work. In keeping with Forbes, in 2017, Kim based the enterprise philanthropy fund C Program, and in 2018, he vowed to donate $93 million to kids’s hospitals and startup firms. He additionally acknowledged that his kids wouldn’t be inheriting his fortune.

Between 2013 and 2015, his firm donated roughly $16.6 million to assist construct the Purme Basis Nexon Kids’s Rehabilitation Hospital in Seoul,. Nexon claimed the hospital was the primary rehabilitation hospital to be constructed for youngsters in South Korea.

Previous to his loss of life, Kim continued donating to kids’s hospitals in South Korea and had donated a complete of $3.1 million to the Daejeon Chung-nam Public Kids’s Rehabilitation Hospital in addition to $2 million to the Nexon Kids’s Palliative Care Heart at Seoul Nationwide College Hospital, which is deliberate to open someday this 12 months.

Characteristic Picture by way of Nexon

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A super-yacht owned by a sanctioned Russian billionaire has reportedly anchored in the Maldives, which doesn’t have an extradition treaty with the US

Russian President Vladimir Putin (R) and billionare, businessman Oleg Deripaska (L) are seen visiting the RusVinyl Russian-Belgian joint polymer plant, near Nizhny Novgorod, 430 km. East of Moscow. Putin is having a one-day trip to Nizhny Novgorod region

Oleg Deripaska (L) with Russian President Vladimir Putin.Sasha Mordovets/Getty Pictures

  • A brilliant-yacht owned by a sanctioned Russian billionaire arrived within the Maldives on Monday, AFP stated.

  • The White Home warned Saturday it may seize the yachts of sanctioned Russian oligarchs.

  • The Maldives does not have an extradition treaty with the US.

A brilliant-yacht owned by a US-sanctioned Russian billionaire has arrived within the Maldives, AFP reported Tuesday. It is considered one of a number of Russian-owned pleasure craft believed to be headed to the sunny island nation, which does not have an extradition treaty with the US.

The yacht, Clio, is owned by Oleg Deripaska, founding father of Russian aluminum group Rusal, who was sanctioned by the US in 2018. Clio dropped anchor off Mala, capital of the Maldives, on Monday, AFP stated, citing port officers.

At the least two different super-yachts owned by Russian billionaires set sail for the Maldives shortly after Western nations threatened to grab property from sanctioned oligarchs, in response to information from Marine Site visitors, reported by CNBC.

In a tweet Saturday, the White Home stated: “This coming week, we are going to launch a multilateral Transatlantic job power to determine, seek out, and freeze the property of sanctioned Russian corporations and oligarchs — their yachts, their mansions, and another ill-gotten positive factors that we will discover and freeze below the legislation.”

Deripaska’s 73-meter Clio “was designed for lengthy voyages around the globe and self-sufficient residing for a number of months at a time,” in response to its maker Lurssen.

Deripaska was considered one of two Russian billionaires who spoke out on Sunday in opposition to Russia’s invasion of Ukraine, saying in a Telegram submit that “peace is essential.”

The Biden administration not too long ago focused 10 Russian oligarchs as a part of a sweeping bundle of sanctions in opposition to Russia. The sanctions goal to financially cripple the nation’s wealthiest members in retaliation for Russia’s invasion of Ukraine.

Insider’s Avery Hartman reported on Monday that Russian billionaires are nonetheless criss-crossing the globe on non-public jets and yachts regardless of the sanctions.

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Billionaire Jeff T. Green Resigns From Mormon Church

A billionaire from Utah, Jeff T. Inexperienced, mentioned he was resigning this week from the Church of Jesus Christ of Latter-day Saints in an unusually high-profile rebuke of the church’s wealth and place on social points.

Mr. Inexperienced, who runs an promoting know-how agency and is believed to be one of many wealthiest individuals from Utah, didn’t say what brought on him to make such a public exit this week. However he mentioned in a letter to Russell M. Nelson, the church’s president, that he was involved in regards to the church’s historical past, funds and advocacy.

“Whereas most members are good individuals attempting to do proper, I imagine the church is actively and presently doing hurt on the planet,” he wrote within the letter, which was reported Monday by The Salt Lake Tribune.

Within the letter, a replica of which was dated Dec. 23, he mentioned he had stopped believing within the church’s teachings greater than a decade in the past and had spent a number of years reflecting on his points with it. “I imagine the Mormon Church has hindered world progress in girls’s rights, civil rights and racial equality, and L.G.B.T.Q.+ rights,” he wrote.

The church’s press workplace didn’t reply to a request for remark.

Within the letter, Mr. Inexperienced, 44, requested for his data to be faraway from the church and for his solely different contact from the group to be a letter confirming that he was now not a member. Certainly one of his pals and 11 of his relations have been additionally resigning, he mentioned.

Kathleen Flake, a professor of Mormon research on the College of Virginia in Charlottesville, mentioned this type of formal exit from the church was much like a renunciation of citizenship. To return to the church, an individual must be rebaptized.

“Renouncing it’s a political act; it’s a method of creating a political assertion, not only a non secular assertion,” she mentioned.

She mentioned it was unlikely that the church, which has greater than 16 million members, would reply.

“I feel they care, however I don’t assume they’re shocked by such public statements,” Professor Flake, a church member, mentioned. “They’ve merely had an excessive amount of expertise with it to assume that they may escape this type of public engagement with their ethical requirements.”

Mr. Inexperienced, who now lives in Southern California, was additionally vital of the church’s wealth, which incorporates an funding fund paid for with contributions by members. The fund had $48 billion price of shares as of Sep. 30, in response to SEC filings.

“This cash comes from individuals, usually poor, who wholeheartedly imagine you symbolize the need of Jesus,” Mr. Inexperienced wrote. “They offer, anticipating the blessings of heaven.”

The administration of the fund has come beneath scrutiny lately after a former supervisor accused the church of deceptive members about using the funds. Church officers advised The Wall Avenue Journal final yr that the cash was for use throughout attainable financial downturns.

In September, a federal choose dismissed a lawsuit introduced by a outstanding former member, James Huntsman, that accused the church of utilizing the cash for business functions.

Mr. Inexperienced, the chief govt of the agency The Commerce Desk, is price $5.2 billion, in response to Forbes. In November, he pledged to offer away greater than 90 % of his wealth earlier than or at his loss of life.

This week Mr. Inexperienced additionally introduced he was donating $600,000 to Equality Utah, a bunch that advocates L.G.B.T.Q. rights within the state.

He advised The Tribune that just about half the cash would go to a scholarship fund for college students in Utah, together with those that “might have or need” to depart Brigham Younger College, which is sponsored by the church and has an honor code that prohibits same-sex “romantic conduct.”