Kumho Tire Begins Compensation Payments for Gwangju Plant Fire Victims

Over 1,600 Settlements Completed... Compensation Payments Begin on the 25th

Kumho Tire (CEO Jung Iltaek) will begin distributing compensation payments to residents affected by the fire at its Gwangju Plant starting on July 25.

On the afternoon of the 24th of last month, citizens are submitting compensation claims at the reception area set up on the first floor of the welfare building at Kumho Tire Gwangju Plant. Photo by Kumho Tire

According to Kumho Tire on July 23, the company decided to proceed with compensation payments on its own, judging that the compensation process for residents affected by the fire could be delayed. As a result, rapid compensation will begin 69 days after the fire incident at the Gwangju Plant, which occurred on May 17.

From May 19, two days after the fire, to June 13, a total of 20,199 damage claims were filed in cooperation with the Gwangsan District Office. Of these, 7,134 claims were submitted during the compensation claim period from June 10 to June 30. However, after sorting the documents, the actual number of claims is being confirmed as approximately 8,300, which is higher than the initial count.

Considering the urgency of recovery for victims, Kumho Tire is prioritizing the review of 5,371 personal injury claims before property and other damages. For personal injury claims that have completed the review and been approved for compensation, the company has been contacting claimants by phone and proceeding with written settlements since July 10.

As of now, review results have been notified for 3,066 cases, and as of this date, approximately 1,600 cases (52.2%) have been settled. The company is continuing to reach settlements for the remaining cases in sequence.

To provide prompt support, compensation payments for settled cases will begin on July 25. The review and settlement processes are ongoing, and compensation will be paid sequentially as settlements are completed. For cases with incomplete documentation, claimants have been asked to provide supplementary materials, and a second round of reviews is planned.

In addition, reviews of property damage claims (such as vehicles) are currently underway, and results are being notified sequentially as reviews are completed. For claims where compensation reviews have been deferred or denied, the company plans to conduct further detailed reviews and provide updated notifications at a later date.

A Kumho Tire representative stated, "We once again sincerely apologize to residents who have suffered direct and indirect damages due to the fire at the Gwangju Plant," and added, "We will do our utmost to help residents return to their daily lives as quickly as possible and ensure thorough management of the accident recovery process."