Most Popular
-
1
S. Korea, Singapore seal supply chain agreement
-
2
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
3
Korean language teaching expert says demand has outstripped supply
-
4
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
![[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/10/08/20241008050604_0.jpg&u=20241008174640)
-
5
Conscripting women to lead to 'more babies,' claims military think tank
![[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/10/08/20241008050604_0.jpg&u=20241008174640)
-
6
Who is pollster roiling politics with claims of government string-pulling?
-
7
Taking away phones during school hours not a human rights violation: watchdog
-
8
Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
-
9
Korea launches antidumping probe into Chinese steel
-
10
Korea added to key bond index
Military suppliers take fire over donation snub
Top suppliers refuse to support children whose parents were killed in action
By Korea HeraldPublished : Sept. 16, 2013 - 20:27
The nation’s top suppliers to the Korean Navy are under fire for their reluctance to donate to a fund supporting the children of officers who were killed in action, industry sources said.
The “Love for the Navy Foundation” fund is intended mainly to offer financial support for kids who have lost one or both parents while they were serving their country.
The companies, which raise a significant amount of money each year from their sales to the Navy, have seemingly been far from willing to part with their cash for the cause.
The foundation contacted some 30 firms, either by email or in person, but only a few, including those unaffiliated with conglomerates, agreed to donate.
For the Navy, Daewoo Shipbuilding is the No. 1 supplier in terms of contracts, followed by LIG Nex1, Hyundai Heavy Industries, Doosan DST, Samsung Thales and Samsung Techwin. Others, such as Poongsan, Hanwha, Hyundai Rotem and STX Engine, also have contracts.
As with most other firms, LIG Nex1, despite being a top supplier of missiles for the Navy and without competition due to a related law that allows a single supplier, refused to chip in.
“For us, it’s quite difficult because unless these companies chip in, we can’t operate the foundation,” said Shim In-gyun, coordinator of the Navy Foundation.
The foundation will have to scrap its plans under the current law if it fails to gather a minimum 300 million won ($271,000) in donations. The only firm that has participated is UBM Tech, a non-conglomerate firm. In total, the foundation has secured just over 100 million won.
The amount is in stark contrast to a similar foundation operated by the Air Force, which last year collected up to 2.6 billion won.
Daewoo Shipbuilding, which recently built and launched the 350 billion won submarine named after Gen. Kim Jwa-jin, also has not donated.
The foundation is now calling on the government, mainly the Navy, to more actively garner support from the corporate sector. The majority of executives at these firms are former Navy officials.
By Kim Ji-hyun (jemmie@heraldcorp.com)
The “Love for the Navy Foundation” fund is intended mainly to offer financial support for kids who have lost one or both parents while they were serving their country.
The companies, which raise a significant amount of money each year from their sales to the Navy, have seemingly been far from willing to part with their cash for the cause.
The foundation contacted some 30 firms, either by email or in person, but only a few, including those unaffiliated with conglomerates, agreed to donate.
For the Navy, Daewoo Shipbuilding is the No. 1 supplier in terms of contracts, followed by LIG Nex1, Hyundai Heavy Industries, Doosan DST, Samsung Thales and Samsung Techwin. Others, such as Poongsan, Hanwha, Hyundai Rotem and STX Engine, also have contracts.
As with most other firms, LIG Nex1, despite being a top supplier of missiles for the Navy and without competition due to a related law that allows a single supplier, refused to chip in.
“For us, it’s quite difficult because unless these companies chip in, we can’t operate the foundation,” said Shim In-gyun, coordinator of the Navy Foundation.
The foundation will have to scrap its plans under the current law if it fails to gather a minimum 300 million won ($271,000) in donations. The only firm that has participated is UBM Tech, a non-conglomerate firm. In total, the foundation has secured just over 100 million won.
The amount is in stark contrast to a similar foundation operated by the Air Force, which last year collected up to 2.6 billion won.
Daewoo Shipbuilding, which recently built and launched the 350 billion won submarine named after Gen. Kim Jwa-jin, also has not donated.
The foundation is now calling on the government, mainly the Navy, to more actively garner support from the corporate sector. The majority of executives at these firms are former Navy officials.
By Kim Ji-hyun (jemmie@heraldcorp.com)
-
Articles by Korea Herald
