Choo Kyung-ho, on Opposition's Criticism of 'Legoland Bankruptcy Crisis,' Says "Necessary Measures Will Be Taken"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Son Seon-hee] On the 21st, Choo Kyung-ho, Deputy Prime Minister for Economy and Minister of Strategy and Finance, said regarding the Gangwon Legoland bankruptcy incident, "We are strictly assessing the situation and have taken initial measures to stabilize the market, and we will continue to review and implement necessary actions."

At the comprehensive audit of the National Assembly's Planning and Finance Committee on the same day, in response to a related inquiry by Hong Seong-guk, a member of the Democratic Party of Korea, Choo said, "Currently, the capital market is showing signs of instability centered on project financing (PF) asset-backed commercial paper (ABCP), extending to the short-term market and corporate bond market. The authorities are closely monitoring this issue."

However, Deputy Prime Minister Choo drew a line regarding political interpretations of this incident. Assemblyman Hong pointed out, "Governor Kim Jin-tae of Gangwon Province has completely caused a liquidity crisis for financial institutions in one fell swoop," and questioned, "Isn't Gangwon Province's failure to fulfill its guarantee obligations to Legoland political?" In response, Choo said, "This is not a matter to be approached politically," adding, "In any case, such distrust is not good."

In this regard, financial authorities plan to deploy the Bond Market Stabilization Fund to respond to the liquidity crunch triggered by Legoland.

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