Ottogi Pays 20.7 Billion KRW Early to Partners Ahead of Seollal Holiday

[Asia Economy Reporter Seungjin Lee] Ottogi Co., Ltd. announced on the 22nd that it will advance the payment of 20.7 billion KRW in settlement payments to its partners in cash ahead of the Lunar New Year to help facilitate smooth fund management for its partners amid the COVID-19 situation.

The advance payments target about 150 companies including OEM firms, raw material suppliers, and packaging companies, covering supplies delivered from January 1 to 20, with full cash payment scheduled for January 29.

Meanwhile, Ottogi is striving to maintain close relationships with its partners and promote mutual growth. An internal review committee composed of employees from related departments, centered on the Win-Win Growth Team, discusses and improves key issues related to mutual growth.

Since 2015, Ottogi has established a Win-Win Growth Fund to support partners and dealerships in continuing their business activities by providing loans at interest rates lower than market rates. Last Chuseok, it also advanced a total of 22.2 billion KRW in settlement payments.

An Ottogi representative stated, “In these difficult times due to COVID-19, we are advancing the payment of settlement funds before the Lunar New Year to ease the financial burden on small and medium-sized partners.”