Yuhan Corporation, 52nd Memorial Ceremony for Founder Dr. Yu Ilhan

Yuhan Corporation, the Yuhan Foundation, and Yuhan Academy held a memorial ceremony on the morning of the 10th at the Yu Ilhan Memorial Hall located at Yuhan University in Bucheon, Gyeonggi Province, to commemorate the 52nd anniversary of Dr. Yu Ilhan's passing.

On the morning of the 10th, before the only 52nd anniversary memorial service for Dr. Yu, Jo Uk-je, President of Yuhan Corporation (center), is seen paying respects at Dr. Yu's grave.
[Photo by Yuhan Corporation]

The memorial ceremony was attended by about 500 people, including bereaved family members, Yuhan Corporation employees led by President Jo Wookje, the Yuhan Foundation, Yuhan Academy, employees of Yuhan family companies, and current students. Before the ceremony, Yuhan Corporation employees paid their respects with a moment of silence and floral tributes at the Yu Ilhan burial site in Yuhan Hill to honor his legacy.

In his memorial address, Jo Wookje, President of Yuhan Corporation, said, "Dr. Yu's life reminds us that he was a progressive entrepreneur, a pioneering educator, a dedicated social activist, and a patriotic independence activist, all based on integrity and sincerity." He added, "The Yuhan Foundation will continue to show greater care and attention to our neighbors struggling in dark places, and Yuhan Academy will strive even harder to nurture young talents."

Yuhan Corporation, the Yuhan Foundation, and Yuhan Academy hold annual memorial events on the anniversary of Dr. Yu Ilhan’s passing to reflect on his patriotic spirit and noble corporate philosophy, which have been passed down since the company's founding.

Dr. Yu Ilhan founded Yuhan Corporation in 1926 with the belief that "only a healthy people can regain sovereignty." Until his death on March 11, 1971, he was known as a model entrepreneur who separated ownership and management of the company and established the public interest corporation, the Yuhan Foundation, practicing corporate social responsibility. In 1936, he transformed Yuhan Corporation from a sole proprietorship into a joint-stock company and adopted the employee stock ownership system for the first time in Korea.

His daughter, the late Mrs. Yu Jaera, also donated all of her assets, including stocks worth around 20 billion won, to society when she passed away in 1991.