[Alpha Biz=(Chicago) Reporter Paul Lee] Among the conglomerates, Hankook Tire is the company that often exceeds the current deadline for subcontracting. DN, Hite Jinro and Booyoung had less than 30% of subcontract cash payments.

On the 29th, the Fair Trade Commission announced the results of a public inspection of subcontract payment conditions in the first half of 2023. According to the FTC's inspection of a total of 80 groups and 1,210 companies, the ratio of cash payments for subcontracts in the first half of last year averaged 84.02%.

The ratio of cash payments, including cash, checks, and win-win payments and settlement methods with a maturity of less than 60 days, averaged 97.2%, indicating that the ratio of cash and cash payments is high.

By business group, 23 groups, including Hanjin, Kakao, Naver, S-Oil and Janggeum Merchant Marine, paid 100% of the subcontracting amount in cash.

On the other hand, DN (6.8%), Hite Jinro (27.2%), and Booyoung (27.4%) had relatively low cash payments. Kumho Petrochemical (54.6%), IS Holdings (68.2%), Celltrion (72.4%) and Bando Holdings (74.56%) had low cashable payments.

The subcontract payment period was the highest at 47.7 percent within 10 days, 20.4 percent for 11 to 15 days, and 19.0 percent for 16 to 30 days. 0.4 percent exceeded the payment deadline of 60 days under the Subcontracting Act.

The company with the highest payment rate exceeding 60 days was Hankook Tire (17.1%), followed by LS (8.6%) and Global Sea (3.6%).

 

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