Jung Mong-gyu denies "secret contract" allegations with Tongyeong Eco Power, stating "I have never been informed"

Jung Mong-kyu, chairman of HDC Group, said on the 16th that he "has never been informed" about the suspicion of a 'secret contract' signed during the promotion process of the Tongyeong Eco Power project.

[Image source=Yonhap News]

Chairman Jung appeared as a witness at the National Assembly's Political Affairs Committee audit of the Fair Trade Commission on the same day. During the audit, suspicions were raised that Hyundai Development Company had signed a questionable contract in 2013 to jointly promote a liquefied natural gas (LNG) power plant construction project with an individual, promising to give a 20% stake.

Kim Han-kyu, a member of the Democratic Party of Korea, criticized the contract, saying, "This is a contract where Tongyeong Eco Power, a subsidiary of HDC Group, would award the LNG power plant construction project contract, and Mr. A and Hyundai Development Company agreed to jointly promote it in a 2 to 8 ratio." He added, "Hyundai Development Company bears all the obligations and costs to win the construction contract, while Mr. A does not have to invest anything but is set to receive 20%." He further pointed out, "The total scale of this contract is 1.9 trillion won, and 20% amounts to 380 billion won. This is being given to an individual."

Chairman Jung said, "I believe this was something that should have been reported to the CEO and to me as well," adding, "I have never been informed, and the CEO did not approve anything. This needs to be investigated."

Chairman Jung also apologized again regarding the Gwangju Hwajeong I-Park collapse accident on the same day.

He explained, "I feel sorry for those who passed away and apologize to the contract holders who could not move in on time," adding, "We will work hard to rebuild properly and allow people to live there again as soon as possible."

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