POSCO Contributes Additional 2 Billion KRW to Foundation Supporting Victims of Forced Labor During Japanese Occupation

In front of POSCO Center
[Image source=Yonhap News]

POSCO has contributed an additional 2 billion KRW to the Foundation for Victims of Forced Mobilization under Japanese Imperialism, a foundation established under the Ministry of the Interior and Safety to compensate victims of forced labor during Japanese colonial rule.

POSCO announced on the 19th that it decided to contribute 2 billion KRW to the foundation through a board resolution on the 13th and has executed the contribution. POSCO stated, "POSCO is one of the companies that grew by utilizing the funds from the Korea-Japan Claims Agreement," and added, "As the surviving victims are aging rapidly, we judged that prompt support is necessary and decided to contribute 2 billion KRW to the foundation to increase our social contribution."

Previously, POSCO decided to contribute a total of 10 billion KRW to the foundation through a board resolution in 2012. It contributed 3 billion KRW each in 2016 and 2017, and after the government announced the 'third-party subrogation' solution related to forced labor victims in March last year, it contributed 4 billion KRW.

The 'third-party subrogation' solution involves the foundation paying the judgment amount and delayed interest from its funds on behalf of the Japanese defendant companies to the forced labor victims whose lawsuits have been finalized.

POSCO explained, "We have been striving to fulfill our social and moral responsibilities by contributing a total of 10 billion KRW to the fund for supporting victims of forced mobilization under Japanese imperialism until March last year," and added, "As the surviving victims are aging rapidly, we judged that prompt support is necessary and decided to make an additional contribution."