Taekwang Group Donates 300 Million Won in Relief Funds for Wildfire Damage
Financial subsidiaries provide support such as loan interest reductions
Taekwang Group recently raised relief funds to support recovery efforts and aid victims affected by the large-scale wildfires in the Yeongnam region. Taekwang Group's financial affiliates are providing financial assistance, including loan interest reductions for customers in the affected areas.
On the 31st, Taekwang Group announced that it donated 300 million KRW in wildfire relief funds to the Disaster Relief Association. The donation involved nine key affiliates of Taekwang Group, including its main subsidiary Taekwang Industrial, as well as Daehan Fibers, Heungkuk Life Insurance, Heungkuk Fire & Marine Insurance, Korea Savings Bank, Yegaram Savings Bank, TRN, Tcast, and Korea Cable Telecom. The funds will be used for manpower support, provision of relief supplies, and emergency living expenses in the specially declared disaster areas of Sancheong-gun and Hadong-gun in Gyeongsangnam-do; Andong-si, Uiseong-gun, Cheongsong-gun, Yeongyang-gun, and Yeongdeok-gun in Gyeongsangbuk-do; and Ulju-gun in Ulsan.
In addition to the donation, Taekwang Group's financial affiliates are also providing financial support. Heungkuk Life Insurance and Heungkuk Fire & Marine Insurance will grant a six-month grace period for insurance premium payments and loan principal and interest repayments for customers affected by the wildfires, and will expedite the payment of accident insurance claims and benefits. Heungkuk Life Insurance will also reduce interest on insurance policy loans for up to six months.
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A representative from Taekwang Group said, “We have prepared the relief funds with a heartfelt wish to offer some comfort to the victims who lost their homes due to the sudden large-scale wildfires. We hope for a swift containment of the fires and a rapid recovery so that the victims can return to their daily lives as soon as possible.”
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