Ottogi, Early Payment of 15.8 Billion KRW to Partner Subcontractors
[Asia Economy Reporter Lim Hye-seon] Ottogi announced on the 7th that it will make an early cash payment of 15.8 billion KRW in subcontracting fees to its partners ahead of Chuseok to help facilitate smooth cash flow for its partners amid the COVID-19 situation.
Ottogi will advance the payment of subcontracting fees by an average of about 50 days earlier than the normal payment date. The payment targets include 34 companies such as OEM firms, raw material suppliers, and packaging companies, and the full amount of the previous month's subcontracting fees will be paid in cash on the 10th.
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Ottogi is striving for mutual growth while maintaining relationships with its partners. An internal review committee composed of employees from related departments, centered on the Win-Win Growth Team, discusses and improves key issues related to win-win growth. Additionally, since 2015, Ottogi has established a Win-Win Growth Fund to support partners and dealerships in continuing their business activities by providing loans at interest rates lower than market rates.
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