April 26, 2024

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[THE INVESTOR] South Korea’s major business groups reduced donations significantly last year, industry data showed on April 3.

The total contributions made by the companies affiliated with the country’s 10 biggest conglomerates declined 5.2 percent to 974.8 billion won (US$875 million) last year from 1.25 trillion won a year earlier, according to the data by market researcher Chaebul.com.

Samsung Group topped the list with 470 billion won, down 11.7 percent from the previous year. Hyundai Kia Automotive Group donated the second most with 105 billion won last year, down 6.2 percent from a year earlier. The donations by Lotte Group and POSCO also shrank 26.9 percent and 30.8 percent on-year to 50 billion won and 307 billion won, respectively. Hanjin Group contributed 15.2 billion won last year, down 44.2 percent from the previous year, showing the largest reduction rate.

Four business groups, meanwhile, increased contributions. SK Group raised donations 19.7 percent to 172 billion won last year from the previous year. The comparable figures for LG Group, Hanwha Group and Hyundai Heavy Industries were 77 billion won, up 50.6 percent; 23 billion won, up 57.0 percent; and 15 billion won, up 25.6 percent, respectively.

By Alex Lee and newswires (alexlee@heraldcorp.com)