Binatek "Recovery of Subsidies Due to Relocation of New Investment Project to Wanju"
Vinatech announced on the 13th that Jeonju City's push for subsidy recovery is due to the improvement of the company's management efficiency resulting from the expansion and relocation of new projects to Wanju.
When receiving subsidies from Jeonju City, the invested business must be operated within Jeonju city for five years. However, Vinatech decided to select Wanju as the investment site for the new project. Subsequently, the company began full-scale investment in the area.
Accordingly, for business efficiency, the relocation of some facilities related to the new project previously operated in Jeonju to Wanju became inevitable. Jeonju City proceeded with the subsidy recovery in accordance with the relevant ordinance (Jeonju City Investment Promotion Ordinance).
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Regarding this, the total amount of subsidies received by Vinatech is 286 million KRW, and the maximum expected recovery amount is approximately 33 million KRW.
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