In the second half of last year, the total amount paid by large corporate groups to subcontractors reached 91.6 trillion won, with the ratio of cash and cash-equivalent payments preferred by partner companies recording the highest level since the introduction of the system.
On the 24th, the Fair Trade Commission announced the results of the 'Subcontract Payment Condition Disclosure Inspection.' The commission analyzed data submitted to the electronic disclosure system (DART) by 1,384 primary contractors belonging to 88 target corporate groups in the second half of last year and reported that the total amount of subcontract payments was 91.6 trillion won. This is an increase of 3.8 trillion won compared to the first half.
Among them, the corporate group with the largest subcontract payment was Hyundai Motor (11.64 trillion won), followed by Samsung (10.98 trillion won), HD Hyundai (6.38 trillion won), Hanwha (5.41 trillion won), and LG (5.25 trillion won).
In terms of payment methods, the cash payment ratio averaged 86.19%, marking the highest figure since the disclosure system's implementation. This figure includes checks and alternative payment methods for bills with a maturity of one day or less, as well as collaborative payments for ten days or less. The ratio of cash-equivalent payments also set a record high at 98.58%.
A representative from the commission noted, 'Twenty-eight groups, including PARADISE and Dunamu, paid all subcontract payments in cash,' adding that this represents about 32% of all corporate groups.
In contrast, DN (9.48%), HiteJinro (28.77%), and KG (30.67%) had lower cash payment ratios. Companies like KG (30.67%), IS Holdings (41.30%), Bandoc Holdings (74.09%), and OCI (76.10%) also showed relatively low ratios of cash-equivalent payments.
The speed of subcontract payment was relatively fast as well. The ratio of payments made within 15 days was 68.89%, while the rate within 30 days was 86.68%. This indicates that the payments were executed much faster than the legal payment deadline of 60 days.
In particular, five groups that paid within ten days exceeded 70%: LG (81.20%), Hoban Construction (80.70%), MDM Group (79.70%), GS (74.82%), and Samsung (70.32%). In contrast, the ratio of payments made after 60 days was only 0.13%, with Korea & Company (8.98%), Daebang Construction (7.98%), and E-Land (7.11%) having relatively higher proportions of late payments.
The operation status of subcontract payment dispute resolution organizations was also investigated. It was found that only 129 businesses (9.3%) out of 38 groups are currently operating such organizations. However, this is a slight increase from 8.5% in the first half of last year.
The commission imposed fines ranging from 250,000 to 800,000 won on six businesses, including Onmind (Kakao) and Woojeon (Hyosung), for missing the disclosure deadline. It also demanded corrections from 63 businesses where omissions or errors were identified.
A representative from the commission stated, 'Despite uncertainties in the economy, it seems that large corporations are expanding cash payments to partner companies,' adding that 'the purpose of the disclosure system, which encourages prompt payments and transparent subcontract transactions, is taking root in the field.'