Kim Seung-yu, the outgoing chief of Hana Financial Group Inc., on Wednesday said he would donate all of the 5 billion won ($4.5 million) special bonus he expects from the group to schools and scholarship foundations.

“The management has not confirmed whether the special bonus will be given out or not but whatever I get will be donated to schools or scholarship foundations,” a PR spokesman at the group confirmed of Kim’s comments to the press.

The comments come only a day after news reports condemned the group for potentially chucking billions of won to the long running chief in recognition of Kim’s contribution to the development of the financial group. Kim led the group’s recent acquisition of Korea Exchange Bank and is expected to step down after working at the group for about four decades.

By Cynthia J. Kim  (cynthiak@heraldcorp.com)