HDC Hyundai Development Company Faces 8-Month Suspension of Civil Engineering and Construction Business Worth 3 Trillion Won

[Asia Economy Reporter Minji Lee] HDC Hyundai Development Company announced on the 30th that it has been suspended from civil engineering and construction business operations for 8 months.

The suspension amount for civil engineering and construction business is approximately 30.398 trillion KRW, accounting for 90% of total sales.

The reason for the suspension is poor construction in accordance with Article 82, Paragraph 2, Subparagraph 5 of the Framework Act on the Construction Industry and Article 80, Paragraph 1 of the Enforcement Decree of the same Act.

The company stated, "We will respond through a provisional injunction to suspend the execution of the administrative disposition and a lawsuit to cancel the administrative disposition," adding, "If the provisional injunction to suspend execution is accepted, our business activities will not be affected until the ruling on the lawsuit to cancel the administrative disposition."

Construction projects for which contracts were signed before the administrative disposition or that have obtained permits according to relevant laws and regulations may continue construction.

The suspension date is scheduled for the 18th of next month.

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