Choi Sang-mok: "No Intention to Inject Public Funds into Taeyoung Construction"

Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated that there is no intention to inject public funds into Taeyoung Construction, which has applied for a workout due to insolvency in real estate project financing (PF).

On the 8th, Deputy Prime Minister Choi attended a briefing at the National Assembly's Planning and Finance Committee and responded "Yes" to the question from Lee Su-jin, a member of the Democratic Party of Korea, asking if there was no intention to inject public funds into Taeyoung Construction.

[Image source=Yonhap News]

Deputy Prime Minister Choi said, "For each PF project site, liquidity is being properly supplied to normal projects, and restructuring is being carried out for those that are not," adding, "There will likely be many corporate restructuring demands after Taeyoung, but we will proceed in an orderly manner while adhering to principles."

When Ryu Seong-geol, a member of the People Power Party, pointed out that the meaning of PF in Korea has been distorted and is no longer purely related to future creation, Deputy Prime Minister Choi replied, "That is correct. It is a fundamental problem."

Regarding the responsibility of policy financial institutions such as Saemaeul Geumgo, he said, "There are parts that need to be clarified even retrospectively, and we intend to organize them while handling Taeyoung."

Meanwhile, government and financial authorities, including Deputy Prime Minister Choi, urged the Taeyoung Group at a macroeconomic and financial issues meeting held that morning to promptly implement self-help efforts and present additional self-help plans.

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