"Crisis of Disruption" Jeonju Korea Textile Site Development...Self-luminous "Starting in the first half of next year"

In the wake of the controversy over the crippling crisis of the former site development project of the former Korean textile factory in Jeonju, Jeollabuk-do, CEO Jagwang, the developer, held a rebuttal conference.

Former Eun-soo Jagwang, the developer, reaffirmed his willingness to implement the project, saying, "We will receive BonPF in the first half of next year and start construction."

This is the second EOD occurrence of the project this year after last year, and Lotte Engineering & Construction, which initially provided credit to the developer to participate in the project, repaid KRW 144.6 billion borrowed by Jagwang to IBK Investment & Securities this time, raising rumors of the withdrawal of the construction company.

In response, Chairman Jeon Eun-soo said, "Which contractor will easily give up the construction worth more than 3 trillion won, and if so, will be able to pay the penalty?" and added, "We have already signed a construction contract with Lotte Engineering & Construction since 2017."

In addition, regarding the 144.6 billion won that Lotte Engineering & Construction paid back to IBK Investment & Securities last month, he said, "Lotte repaid it by giving Lotte," adding, "Jagwang invested directly."

On the other hand, Lotte Engineering & Construction rejected the former chairman's claim, saying, "We have never signed a construction contract with Jagwang," adding, "Isn't it EOD because the developer couldn't get the money in the first place?"

In the meantime, the Jeollabuk-do Urban Planning Committee held a meeting in the morning before the conference and decided to change about half of the old Korean textile site from residential land to commercial land.