HD Hyundai establishes foundation for bereaved families after workplace accidents

HD Hyundai is establishing a scholarship foundation in Korea to provide support for bereaved families affected by workplace accidents in shipyards, marking a first in the country.

HD Hyundai Chairman Kwon Oh-gap

HD Hyundai is establishing a scholarship foundation in Korea to provide support for bereaved families affected by workplace accidents in shipyards, a first in Korea.

The foundation, tentatively named the HeeMang Foundation (meaning "hope" in Korean), will initially offer university tuition fees to families of victims of such accidents. It plans to expand its financial aid to include support for low-income families of the victims.

HD Hyundai Chairman Kwon Oh-gap will contribute 100 million won ($75,400) for the foundation's establishment, the Korean shipbuilding, oil refining and machinery conglomerate said Wednesday.

"The proposal for the foundation's establishment came from Chairman Kwon," a company official said. "The three shipbuilding affiliates within the group, HD Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries, will also contribute funds to the foundation."

The foundation will be overseen by around five directors, primarily external appointees, to ensure fair and transparent operations, according to the company.

"It saddens me to think of the suffering endured by families who have lost parents or children in unexpected accidents," Chairman Kwon was quoted as saying. "While our response may be belated, it is our duty to provide some comfort to these families, and HD Hyundai must take the lead in this effort as a player in the shipbuilding industry."

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]