Gangwon-do Provincial Government Grants 29.5 Billion to Gangwon-do Development Corporation in Crisis of Bankruptcy

Gangwon-do passed the provincial council to invest tens of billions of won in Gangwon-do Development Corporation, a poor local public company and on the verge of bankruptcy.

The Gangwon Provincial Council's Economic and Industrial Committee approved the Gangwon-do Provincial Development Corporation's (GJC) investment of 29.5 billion won submitted by Gangwon-do Province today (25th).

The council approved the investment for fear of bankruptcy and damages, but expressed deep concern over repeated financial support.

Gangwon Midway Development Corporation, a public corporation established by Gangwon-do Province and a former developer of the Chuncheon Legoland project, faced a financial liquidity crisis due to disruptions in the sale and sale of land around Legoland.

In December last year, Gangwon Province paid off 205 billion won of debt owed by the Korea Mid-term Development Corporation instead, and this time submitted another investment agreement to the parliament to support 29.5 billion won in cash.