Jun Ji-hye, a reporter at the finance desk of The Korea Times, focuses primarily on economic policy and government agencies, mainly covering the Ministry of Finance and Economy, the Ministry of Budget and Planning, the National Tax Service and the Korea Customs Service. She previously covered financial authorities, including the Financial Services Commission and the Financial Supervisory Service, and earlier worked on the political, city and business desks, reporting on a wide range of issues.
Hahn & Co.'s $1.4 mil. flood donation tops Lotte, GS, CJ
A recovery operation is underway at a village in Gapyeong, Gyeonggi Province, July 21, after a landslide triggered by heavy rainfall. Yonhap
By Jun Ji-hye
Hahn & Co., Korea's leading private equity firm, has donated 2 billion won ($1.4 million) to support residents affected by recent nationwide heavy rainfall, the company said Sunday.
The donation was made to the Hope Bridge Korea Disaster Relief Association and will be used to provide emergency relief supplies to those impacted by the floods and to aid the swift recovery of affected areas.
Thirteen portfolio companies, in which Hahn & Co. has invested, participated in the donation drive, including Namyang Dairy Products, Korean Air C&D Service, Lahan Hotel, Cynosure Lutronic, Solmics, Ssangyong C&E, H-Line Shipping, SK Enpulse, K Car, Coavis, SK Microworks, SK Specialty and SK Shipping.
Hahn & Co.'s logo
From July 16 to 20, heavy rainfall swept the country, resulting in 24 confirmed deaths and forcing more than 10,000 households to evacuate. This year, in addition to severe landslide damage caused by the rain, extreme heat waves and tropical nights have intensified, leading to a sharp rise in simultaneous damage from both flooding and heat-related issues.
The private equity firm’s 2 billion won donation drew considerable public attention. While the amount is lower than Samsung's 3 billion won contribution, it matches donations made by other major conglomerates such as SK, Hyundai Motor and LG, and surpasses those from other top-tier chaebol groups including Lotte, GS, HD Hyundai, Shinsegae and CJ.
Insiders in the investment banking industry noted that major private equity firms are now exerting influence over the Korean corporate landscape on a scale comparable to that of leading conglomerates.
Hahn & Co. noted that the donation is part of its ongoing commitment to social responsibility as a top-tier private equity firm in Korea. The firm added that it will continue to actively support recovery efforts for any future large-scale natural disasters.
"We prepared this donation to express our heartfelt sympathy to those suffering in the wake of this sudden disaster," a Hahn & Co. official said. "We sincerely hope it provides at least some relief and helps them return to their daily lives as soon as possible."