Four Groups Donate 7.5 Billion Won to the Korean Red Cross Society

Four groups including Samsung, LG, SK, and Hyundai Motor will donate around 7.5 billion won to the Korean Red Cross Society in an effort to support the restoration project of North Korea’s Yongcheon station explosion.

Managing Director Lee Kyu-hwang of the Federation of Korean Industries stated on April 27, “In a humanitarian endeavor, the financial world decided to actively help our fellow North Koreans who suffered damages caused by the unexpected train accident,” and added, “The monetary aid was decided upon voluntarily by the firms, but was limited to the four groups.”

On this day, the Samsung Group expressed their intention to support 3.0 billion won to the Federation of Korean Industries.

It is reported that the total amount of aid will reach close to 7.5 billion won once the remaining companies including LG, SK, and Hyundai Motor are added.

These four groups are planning to donate cash directly to the Korean Red Cross Society without passing through the Federation of Korean Industries as early as April 28.

The Federation of Korean Industries reported their principle of the groups’ voluntary donation after deciding that if the principle firms settle on raising funds themselves by allotting the fund raising goal, it will not appear sincere.

In the past, the Federation of Korean Industries has donated 11,111 tons ($2 million worth) of corn for food aid to North Korea in 1997, eight billion won for fertilizer aid to North Korea in 1999, and five billion won to the Korean Red Cross Society for a winter aid in 2001.

Won-Jae Lee wjlee@donga.com