LS Electric to Advance Payment of 40 Billion KRW in Supply Fees Ahead of Chuseok

[Asia Economy Reporter Ki-min Lee] LS Electric will make early payments of delivery fees to small and medium-sized partner companies struggling with the spread of the novel coronavirus (COVID-19) and difficult financial conditions before the holiday.

LS Electric announced on the 17th that it has decided to make early payments of approximately 40 billion KRW in delivery fees to partner companies ahead of the Chuseok holiday. The payments, originally scheduled for settlement on the 25th, will be advanced by three days and paid on the 22nd.

LS Electric expects that making payments in advance before the holiday period, when demand for funds such as raw material payments and bonuses temporarily intensifies, will help the operations of small and medium-sized partner companies.

An LS Electric official stated, “Although the situation remains more difficult than ever due to COVID-19 and other factors, we have decided to pay the fees early before the holiday as part of mutual growth with our partner companies,” adding, “We will do our best to ensure that LS Electric and its partners can grow together within a desirable framework of mutual growth by strengthening communication and preparing various win-win programs.”

Meanwhile, in addition to early payment of delivery fees, LS Electric has continued cooperation with partner companies for mutual growth. To help alleviate the financial difficulties of partner companies, since 2014, payments under 100 million KRW have been made entirely in cash. In particular, LS Electric was the first in the industry to introduce a win-win payment system in 2013, continuously supporting the stabilization of partner companies’ management by improving payment collection rates. It also strives for win-win cooperation for mutual growth by promptly settling payments to trading companies, including small subcontractors, to help secure liquidity.

This content was produced with the assistance of AI translation services.