Taekwang Group Donates 500 Million KRW for Hinamnor Flood Recovery to Pohang City

Ulsan Typhoon 'Chaba' Damage and Gangwon-do Wildfire Damage: Donations Provided During Disasters

Jin-Hwan Cho, CEO of Taekwang Industrial (right), and Kang-Deok Lee, Mayor of Pohang, are posing for a commemorative photo at the donation ceremony for flood recovery support held on the 6th at the External Cooperation Office of Pohang City Hall. Photo by Taekwang Group

[Asia Economy Reporter Choi Seoyoon] Taekwang Group announced on the 7th that it donated 500 million KRW to Pohang City, Gyeongbuk Province, which was damaged by the 11th typhoon ‘Hinnamnor’, to support flood recovery.

On the 6th, Taekwang Group held a fund transfer ceremony at the External Cooperation Office of Pohang City Hall, Gyeongbuk Province, attended by Taekwang Industrial CEO Jo Jin-hwan, Pohang Mayor Lee Kang-deok, and other officials.

Pohang City suffered casualties as well as damage to houses, roads, bridges, and crops due to Typhoon Hinnamnor, which passed through the Yeongnam region just before the Chuseok holiday. In addition, major companies based in Pohang experienced business interruptions due to flooding, causing significant damage not only to their partners but also to the local economy.

Accordingly, Taekwang Group decided to donate flood recovery funds to support the prompt restoration of Pohang City. Taekwang Group has previously supported disaster recovery funds, including 100 million KRW for Ulsan City damaged by Typhoon Chaba in 2016 and 200 million KRW for wildfire damage in Gangwon Province in 2019.

In addition to the group-level flood recovery support fund, support activities through individual affiliates are also being carried out simultaneously.

Financial affiliates Heungkuk Life Insurance and Heungkuk Fire & Marine Insurance are currently providing up to six months of insurance premium payment deferrals, insurance contract loan interest payment deferrals, and loan maturity extensions for customers affected by the typhoon as of the 7th. They are also engaging in various financial support measures, such as simplifying insurance claim documents to expedite insurance payments.

Taekwang Group consists of textile and petrochemical affiliates (Taekwang Industrial, Daehan Synthetic Fiber), financial affiliates (Heungkuk Life Insurance, Heungkuk Fire & Marine Insurance, Heungkuk Asset Management, Heungkuk Securities, Korea Savings Bank, Yegaram Savings Bank), media affiliates (TRN, T-cast, Korea Cable Telecom (kct)), and infrastructure and leisure affiliates (TSIS).

A Taekwang Group official said, “This flood support was prepared with the hope of helping disaster victims who are suffering from sudden disasters to stand up again,” adding, “We will continue to fulfill our social responsibilities to practice Taekwang Group’s social contribution slogan, ‘Warm Light.’”