◀ anchor ▶
As you have heard, the government has announced that it will take “the most severe punishment prescribed by the law” against the construction company, Hyundai Industrial Development.
But it takes a long time to actually get punished.
Meanwhile, Hyundai Development Company continues to win construction projects here and there.
Reporter Hong Shin-young followed.
◀ Report ▶
The government has foretold severe punishment.
[김영국/국토부 기술안전정책관]
“Since there is a great public concern about a recurrence, we plan to take the most severe punishment prescribed by the law.”
Shares of Hyundai Development Company are down 11% today.
However, real punishment is still far away.
The Ministry of Land, Infrastructure and Transport conducted the investigation, but the authority to take administrative measures rests in Seoul, where Hyundai Industrial Development Headquarters is located.
Since the powers are divided, the administrative disposition procedure must be started anew.
It usually takes about two years.
In the meantime, Hyundai Development Company won two more apartment projects.
The right to reconstruct an apartment in Anyang worth 410 billion won, and to reconstruct an apartment in Wolgye-dong worth 280 billion won.
[김남근/변호사]
“There have been several attempts to amend the law to allow local governments to exercise their investigative rights, and each time, I was frustrated by the lobbying of construction companies…”
After a fortnight, the Hyundai Development Company’s general shareholders’ meeting will be held.
The Netherlands Pension Asset Management, Europe’s largest pension fund with a 1.5% stake, specified sustainable management and safety management in its articles of incorporation, and requested the board of directors to establish a safety and health committee.
Hyundai Development Company accepted this request, but denied shareholders’ right to comment on ESG issues.
[노종화/경제개혁연대 변호사]
“If we guarantee the right to make recommendations to shareholders on ESG, shareholders can also urge the company to respond to the company’s most important ESG issues. I think it’s a very regrettable decision…”
The police applied for an arrest warrant today for five people including the person in charge of Hyundai Development Company on charges of negligent manslaughter.
This is Shin-Young Hong from MBC News.
Video coverage: So Jung-seop / Video editing: Kwon Ji-eun
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