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Biz News Korea(Eng)

Hankook Tire most likely to not pay subcontractors on time

Collected: 2024.01.29

Distributed: 2024.01.30

Source: Go Direct

[Courtesy of Hankook Tire]

Hankook Tire & Technology Co. had the highest rate of delayed payments to its subcontractors, failing to make payments within the legally mandated two months.

According to the Korea Fair Trade Commission’s analysis on the subcontractor payment status of 80 businesses subject to regulatory filings in the first half of 2023, which was released on Sunday, businesses that paid their subcontractors within 15 days accounted for 68.12 percent and those paid within 30 days hit 87.12 percent.

The stipulated payment period under the relevant law is 60 days, and the proportion of cases failing to comply with the mandatory period by law was 0.4 percent. Hankook Tire & Technology had the highest rate of delayed payments exceeding 60 days at 17.1 percent, followed by LS Corp. and Global Sae-A Co. at 8.6 and 3.6 percent respectively.

The proportion of subcontract payment in cash by ordering businesses averaged 84 percent. When including checks, mutually agreed-upon settlements within 60 days, and payment methods replacing promissory notes, along with cash, the proportion increased to an average of 97.2 percent. A total of 23 business groups, including Hanjin, Kakao, Naver, S-Oil, and Sinokor Merchant Marine paid their subcontractors in cash only.

The KFTC imposed administrative fines of 250,000 won ($186.85) to 1 million won on seven companies, including TRN Co., for late regulatory filings, while corrective measures were advised for 95 businesses that had discrepancies in their filings.

By Lee Jin-han and Chang Iou-chung

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