HDC Chairman Mong-gyu Chung, plans to express his intentions soon… possibility of resignation

HDC Group Chairman Chung Mong-gyu bows his head during a press conference related to the collapse of the demolished building in Gwangju in the briefing room of Gwangju City Hall on June 10, 2021. yunhap news

HDC Group Chairman Chung Mong-gyu, who has been criticized by public opinion for causing two large-scale collapse accidents in Gwangju in seven months, is expected to announce his whereabouts soon.

According to the business community and Hyundai Development Company on the 16th, Chairman Chung will take responsibility for the collapse of the I-Park exterior wall in Hwajeong, Seo-gu, Gwangju, and announce an apology to the public at the headquarters of the I-Park Mall in Yongsan on the 17th. Today’s announcement is likely to include the issue of Chairman Chung’s whereabouts.

Chairman Jung went down to the site of the Gwangju disaster on the 12th, the day after the accident, and discussed plans for handling the accident and future measures with Yoo Byung-gyu, CEO of Hyundai Development Company. After that, it is known that he came to Seoul on the 15th and began to contemplate the problem of his own place along with a fundamental remedy.

Earlier, at the time of the collapse of the Haksan Building in Dong-gu, Gwangju on June 9 last year, a press conference was held at the Gwangju City Hall.

The contents of the statement that Chairman Chung will announce this time have not been made public, but as Chairman Chung resigns as chairman of Hyundai Development Company, there is talk of a plan to completely withdraw from construction company management and switch to a professional management system.

Although Chairman Chung resigned as CEO of Hyundai Development Company in 2018 when the group was converted to a holding company system, he still maintains the position of chairman of Hyundai Development Company and is involved in management, such as making decisions on major issues.

In the business world, there are also observations that, given the seriousness of the situation, there is an observation that the CEO of HDC, the holding company that Chung is currently in charge of, will also step down as the CEO, ‘resigning from management’. Some are not ruling out the possibility of taking a drastic prescription, such as the resignation of management, including the CEO of Hyundai Development Company.

Executives and employees of Hyundai Development Company and close associates of Chairman Chung are reported to have suggested that the government’s investigation into the cause of the accident and the search for missing persons should not be delayed, considering the seriousness of the matter.

Hyundai Development Company, which caused a large-scale fatal accident in the process of demolition of the Hakdong redevelopment area in Gwangju in June last year, and the collapse of the exterior wall of the Hwajeong I-Park apartment building under construction on the 11th, seven months later, has been heavily criticized for poor construction.

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