Gyeongnam Province Launches Full-Scale Investigation into Fraudulent and Illegal Construction Companies

Preparing for the Gradual Abolition of Construction Industry Regulations to Expand Reliable Contractors' Bidding Opportunities

Gyeongsangnam-do Provincial Government Building Exterior View

[Asia Economy Yeongnam Reporting Headquarters, Reporter Kang Sharon] Gyeongsangnam-do announced on the 12th that it will launch a survey on the actual conditions of insolvent and illegal construction companies to prepare for the phased abolition of construction industry regulations and to expand order opportunities for sound companies.

The survey, conducted from November this year to February next year, targets 523 companies suspected of falling short in "capital, technical personnel, facilities, equipment, offices, etc." extracted through the Ministry of Land, Infrastructure and Transport's early warning system.

Among the construction companies subject to the survey, 99 companies engaged in general construction will be jointly investigated by the province and the Gyeongnam branch of the Korea Construction Association, while 424 companies engaged in specialized construction will be directly investigated by the city or county where the company is registered.

Companies found not to meet the construction business registration standards through the investigation will be subject to a six-month business suspension after a hearing process, and if the deficiencies are not remedied by the end of the suspension period, their registration will be canceled.

Lee Sang-wook, Director of the Construction Support Division of the province, said, "The province conducts regular annual surveys on insolvent and illegal construction companies to raise awareness so that construction businesses can manage their companies soundly. We will do our best to prevent ghost companies (paper companies) in advance and create a fair and healthy construction industry environment."

This content was produced with the assistance of AI translation services.