South Korea: Oriental Brewery Company extends payment deadlines to help wholesalers and small business owners

Oriental Brewery Company led by CEO Ben Verhaert has extended payment deadlines to help wholesalers and small business owners affected by a recent spike in coronavirus cases in Korea, The Korea Herald reported on September 13.

Earlier this month, the largest beer maker in South Korea, which is owned by AB InBev, announced it has allowed alcohol wholesalers across the country to pay for its products at a later date or pay in instalments as part of its efforts to ease the burden on businesses that have been battered by stricter social distancing rules in recent weeks.

“We made the decision to become the first in the industry to offer instalment payments as an option to help wholesalers and small business owners who are OB’s most important partners,” one official at OB said.

The company is also looking at other measures to help the alcohol industry see off the pandemic, the official added.

In March, OB introduced a similar measure and delayed payment deadlines for alcohol wholesalers when cases were rising sharply.

As part of its community service efforts, OB recently donated over 2,200 water bottles to residents in Geoje, South Gyeongsang Province, after the region was hit by Typhoon Haishen.

The company also has a scholarship fund designed to cover tuition fees and living expenses for marginalized students. Some 1 billion won ($850,000) has been raised and given to students as of this month, it said.

13 September, 2020