KT to Advance Payment of 75.6 Billion KRW to Partners Ahead of Lunar New Year

KT Skylife, KTDS, KT Alpha and 5 Other Affiliates Join
'Clean KT' Campaign Prohibiting Gift Exchanges with Partner Companies

[Asia Economy Reporter Eunmo Koo] KT Group announced on the 23rd that it will complete the early payment of partner companies' delivery payments amounting to 75.6 billion KRW by the 28th ahead of the Lunar New Year holiday. Five affiliates, including KT Skylife, KT DS, KT Alpha, KT Engineering, and Initech, will also participate in this early payment to partner companies.

This early payment is expected to ease the financial burden of small and medium-sized partner companies facing increased cash demand before the Lunar New Year holiday. KT has continuously advanced delivery payments to partner companies during the Lunar New Year and Chuseok holidays, and last Chuseok, KT and its affiliates prepaid a total of 117.7 billion KRW.

Along with this, KT will implement the "Lunar New Year Clean KT Campaign" to strengthen ethical management practices. This campaign, which prohibits exchanging gifts with stakeholders such as partner companies, will be conducted for three weeks from the 24th of this month to the 11th of next month. During this period, if stakeholders including partner companies offer gifts to KT employees, the employees must clearly express their refusal to accept them. If gifts are inevitably sent, they will be returned with a rejection letter enclosed to the sender or donated to local children's centers or volunteer organizations.

Cho Hoon, Head of KT SCM Strategy Office, said, "We have promoted early payment to alleviate the management burdens of partner companies struggling due to the prolonged COVID-19 pandemic," and added, "KT will continue efforts for mutual growth, such as supporting smooth fund management for partners through mutual growth funds as part of ESG (Environmental, Social, and Governance) management, to overcome the difficulties of COVID-19 together."