Fair Trade Commission "Jeongdong Construction and Seongchan General Construction Fail to Comply with 'Subcontract Payment Order'... CEO Reported to Prosecutors"

Last year, Ordered by the Fair Trade Commission to Pay 'Subcontract Payment and Delay Interest' but Failed to Comply Due to Financial Deterioration

[Sejong=Asia Economy Reporter Joo Sang-don] The Fair Trade Commission announced on the 23rd that it has reported Jeongdong Construction Co., Ltd. and Seongchan General Construction Co., Ltd. to the prosecution for failing to comply with corrective measures such as payment of subcontract fees.

Earlier, in March of last year, the Fair Trade Commission ordered Jeongdong Construction and Seongchan General Construction to "pay subcontract fees and delay interest to subcontractors."

However, despite repeated urging to comply with the payment order from the Fair Trade Commission, these two companies did not comply. According to the Fair Trade Commission, Jeongdong Construction has effectively ceased operations due to financial deterioration, and Seongchan General Construction has closed down.

Accordingly, the Fair Trade Commission reported Jeongdong Construction Corporation and its CEO Mr. Woo, as well as Seongchan General Construction’s CEO Mr. Park, to the prosecution. Considering that Seongchan General Construction Corporation has closed, it was excluded from the targets of the report.

A Fair Trade Commission official stated, "By sanctioning businesses that fail to comply with corrective measures, we aim to ensure the effectiveness of these measures, and through such prosecution actions, we expect to deter similar cases in the future." He added, "The Fair Trade Commission will continue to thoroughly follow up to ensure that imposed corrective measures are properly implemented and plans to sanction businesses that evade compliance."

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