HD Hyundai establishes foundation for shipyard accident victims

South Korea's HD Hyundai Co. established the HD Hyundai Hope Foundation (tentative name) to support the families of victims of major industrial accidents in shipyards.

This initiative is the first of its kind in South Korea.

HD Hyundai said on Monday that the HD Hyundai Hope Foundation held a board meeting at HD Hyundai Heavy Industries in Dong-gu, Ulsan, to finalize its future operation plans.

The foundation has already completed the establishment procedures, including obtaining approval from the Ministry of Employment and Labor and registering as a corporation.

Former Minister of Employment and Labor Lee Ki-kwon was appointed as the inaugural chairman of the foundation.

The foundation introduced Lee as the top expert in employment and labor, having served in the Ministry of Employment and Labor for 35 years. Chairman Kwon Oh-Gap will serve as the honorary chairman of the foundation.

The foundation will start its scholarship support program for the children of families affected by major industrial accidents in the second half of this year.

In the first half of next year, the foundation plans to expand its scope to include support for living expenses, medical expenses, and legal aid for bereaved families.

Write to Woo-Sub Kim at duter@hankyung.com