Korean Money

The Korean Traders Association (KTA) is not planning to report a $1 million dollar gift given to Harvard in June 1975 to the Justice Department, despite a federal Registrations Act, which requires all organizations representing a foreign principle to do so, Ock Kim, president of the KTA bureau in New York, said yesterday.

The gift to Harvard actually originated from the Korean Scholarship Foundation (KSF). William S. Olney '46, director of special projects at Harvard, said yesterday the KSF is affiliated with the KTA and provides funds for study in Korea.

Olney said that Harvard will not take any action on the failure of the KTA to report the gift because he believes the KTA and the KSF have different administrative boards and therefore may not fall under the stipulations of the Registrations Act.

Harvard is the only American university to receive money from the KSF, Kim said. He declined to comment, however, on whether the gift to Harvard was considered unusual.