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Business groups inject fortunes to support virus contagion

Business leaders hold a meeting with President Moon Jae-in on measures to contain the novel coronavirus spread on Feb. 13. (Yonhap)
Business leaders hold a meeting with President Moon Jae-in on measures to contain the novel coronavirus spread on Feb. 13. (Yonhap)

South Korea’s biggest conglomerates announced Wednesday plans to inject emergency funds to support ongoing efforts to help contain the spread of the novel coronavirus.

Samsung Group said all its affiliates will donate a total of 30 billion won ($246 million) to Korea Disaster Relief Association for securing relief goods such as hand sanitizers, disinfectants, daily necessities and health products.

Samsung Electronics and its affiliates held emergency board meetings to approve the expenditure.

“We have grown with the people’s support, and have to share with society at such a difficult time,” said Samsung Electronics Vice Chairman Lee Jae-yong.

Earlier this month, the tech giant provided 2.6 trillion won as advance payment to subcontractors.

Hyundai Motor Group earlier in the day donated 5 billion won ($4.1 million) to Hope Bridge Association of the National Disaster Relief to support medical personnel and offer relief goods.

The donation was made to especially help people in Daegu and North Gyeongsang Province, the company said.

The automaker said the donation will be used to offer products needed for the prevention of epidemics and daily necessities, including meal kits for those who are quarantined for two weeks in Daegu and North Gyeongsang Province.

They will also conduct preventive measures at senior centers, community centers and day care centers in Daegu and North Gyeongsang Province, and deliver thermal detection devices, hand sanitizer and masks, the company said.

LG Corp, holding firm of LG Group, said it will donate 5 billion won to Community Chest of Korea for supporting infected patients, especially in the Daegu and North Gyeongsang Province region and vulnerable people.

LG Household and Health Care will separately offer 1 billion won worth hand wash products.

LG Electronics has expanded free loans for its suppliers from 40 billion won to 55 billion won.

SK Group also contributed 5 billion won to the Community Chest of Korea with a plan to supply relief goods for quarantined people in the North Gyeongsang Province area, while Lotte Group said it will provide 1 billion won worth aid for children and senior citizens together with Child Fund Korea and Salvation Army.

 By Song Su-hyun and Kim Da-sol

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