Yangsan Area Saemaeul Geumgo, Unrelated to Dain Construction Work Suspension, Suffering Unjust Damage... "No Connection"

Saemaeul Geumgo in Gachon-ri, Mulgeum-eup, Yangsan, Gyeongnam is suffering damage due to misunderstandings that it is related to the construction halt incident of Da-in Construction, a construction company in the Daegu area.

Mulgeum Saemaeul Geumgo announced on the 5th that it is suffering damage such as a flood of withdrawal requests due to some media outlets mistakenly reporting that it was involved as a lending institution in the dispute over the interim payment loan for Da-in Construction’s ‘Royal Palace’ buyers.

Regarding the Royal Palace sales in Mulgeum-eup, Yangsan, which were sold in 2021 and resold last year, the local Saemaeul Geumgo explained that there are no related loan cases at all in the Yangsan area Saemaeul Geumgo.

MG Saemaeul Geumgo logo.

Cho Sung-rae, chairman of Mulgeum Saemaeul Geumgo, lamented, “Except for the fact that Da-in Construction’s site is located in Mulgeum-eup, there is not a single financial transaction with financial institutions in the Yangsan area,” adding, “However, due to ‘baseless rumors,’ members’ anxiety and inquiries continue.”

Kim Young-cheol, chairman of Namyangsan Saemaeul Geumgo, also said, “Two Mulgeum area Saemaeul Geumgo branches, which have nothing to do with this, are being hit by a sudden disaster,” and added, “Employees are exhausted from explaining to members who are anxious after hearing false information and are lining up to withdraw their deposits.”

This issue with Da-in Construction’s lending institutions arose because some Saemaeul Geumgo branches in the Daegu area provided collective interim payment loans to buyers under interest-free conditions, but the problem surfaced when the developer’s construction and interest payments were halted.

Accordingly, the Saemaeul Geumgo Central Association recently demanded that the seven lending institutions involved treat the interim payment loans as ‘doubtful for collection’ and set aside reserves amounting to 55% of the outstanding interim payment loan balance.

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