Fair Trade Commission: "Seongchan General Construction fails to pay 1.25 billion KRW in subcontract payments and delay interest... Correction order and surcharge imposed"

[Sejong=Asia Economy Reporter Joo Sang-don] Seongchan General Construction was caught by the Fair Trade Commission for failing to pay a total of 1.25 billion KRW in subcontract payments and delayed interest to subcontractors.

On the 21st, the Fair Trade Commission announced that it decided to impose a corrective order (payment order) and a fine of 470 million KRW for Seongchan General Construction's failure to pay subcontract payments and delayed interest.

According to the Fair Trade Commission, Seongchan General Construction entrusted a total of six construction projects to three subcontractors from June 2015 to January 2018. However, it failed to pay 1.163 billion KRW in subcontract payments. Additionally, Seongchan General Construction did not pay 88 million KRW in delayed interest to the three subcontractors.

Accordingly, the Fair Trade Commission decided to impose a corrective order requiring immediate payment of the unpaid subcontract payments and delayed interest to the three subcontractors, along with a fine.

A Fair Trade Commission official stated, "We expect this sanction to raise awareness among primary contractors about violations of the Subcontracting Act," and added, "The Fair Trade Commission will continue monitoring compliance with the Subcontracting Act by primary contractors to promote the rights and interests of subcontractors, who are relatively disadvantaged."

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