Jae-myung Lee, "Kim Jin-tae 發 Financial Crisis "… Kim Jin-tae in 'Legoland Incident', Returning to Korea "Debt Repayment within this Year"

Debt defaults fired by the governor in vain

[ K trendy NEWS Reporter Jun-sik Park ] As the wave about the possibility of default on the construction cost of Legoland grows, Gangwon-do announced that it will pay off the debt of 25 billion won from the Legoland guarantee by December 15th. It seems that they are trying to solve the Legoland incident. In addition, the Democratic Party held an emergency discussion under the name of 'response to the financial crisis of the Yun Seok-yeol government and the Kim Jin-tae incident' at the National Assembly Hall yesterday (26th), and the Legoland shock escalated not only to the market but also to the politics. Governor Kim Jin-tae returned to Korea ahead of schedule as an emergency economic livelihood meeting presided over by the president was held today. 출처 : K trendy NEWS(http://www.k-trendynews.com)

On the afternoon of the 27th, Lee Jae-myung, president of the Democratic Party, visited the Korea Exchange in Yeouido and said, "Even though the Kim Jin-tae-bal financial crisis occurred, the government neglected it for nearly four weeks and made the crisis a reality. It is the role of the government to mitigate or resolve it, but now the government has become the core of the risk.” He also pointed out, "In the midst of an economic crisis like a plate of thin ice, the thin ice was broken by Governor Kim's vain footsteps," he said. “It is an extreme crisis situation where it is not known when and where the bankruptcy will start,” said CEO Lee. 출처 : K trendy NEWS(http://www.k-trendynews.com) “Especially, the stock market continues to experience a crisis, and as the government takes an attitude of ‘the market will take care of it’, trust in the market decreases and anxiety grows,” he said. As the debt default for the construction of Legoland grew exponentially, Gangwon Province came up with a countermeasure again within a week. 출처 : K trendy NEWS(http://www.k-trendynews.com)

Jeong Gwang-yeol, Deputy Governor of Economy in Gangwon Province, held a press conference at the Gangwon Provincial Office on the morning of the 27th and said, “As a result of continuous review of effective ways to reduce the burden on the financial market, including creditors, and close consultations with the Ministry of Strategy and Finance and other governments, we will repay the loan by the end of January next year. We have decided to repay the entire guarantee debt (205 billion won) by December 15th.” Gangwon-do Deputy Economy Governor Jeong Gwang-yeol said, "The above decisions were discussed in advance with the government, including the Ministry of Strategy and Finance. He also accused the financial institution of failing to default on its guarantees. He also expressed strong regrets towards BNK Investment & Securities. BNK Investment & Securities informed BNK Investment & Securities of its plan to apply for corporate rehabilitation in advance, and he also paid 3.8 billion won in interest for four months. The cause of this situation is interpreted as a response to block the offensive by the political circles that Gangwon-do Governor Kim Jin-tae's remarks were caused by the application for rehabilitation. On the other hand, Gangwon-do announced on the 28th of last month a plan to apply for rehabilitation (former court management) of the intermediate development corporation, which is responsible for repayment of the asset-backed commercial paper (ABCP) worth 205 billion won, one day before the maturity date. 출처 : K trendy NEWS(http://www.k-trendynews.com) As a result, interest rates surged mainly on short-term bonds such as commercial papers (CP), resulting in a phenomenon close to a credit crunch. Jungdo Development Corporation is an institution established by Gangwon-do for the Legoland development project, and Gangwon-do owns a 44% stake. Earlier, the Democratic Party of Korea continued to criticize Gangwon-do Governor Kim Jin-tae over the tight bond market from Chuncheon Legoland. 출처 : K trendy NEWS(http://www.k-trendynews.com)

The Democratic Party held an emergency discussion session yesterday (26th) at the National Assembly Hall under the name of 'Response to the financial crisis of the Yun Seok-yeol government's economic disaster and the Kim Jin-tae incident'. At this meeting, CEO Lee Jae-myung criticized Governor Kim, saying, "The local government's declaration of default and bankruptcy is causing great chaos in the money market." "So, it caused serious chaos in the Korean economy," said CEO Lee. Even at the previous highest level, he said, "(This issue) is a case that exposes the injustice of the Board of Audit and Inspection, the prosecution, and the police." "The government's attitude of being on the sidelines and leaving it alone is very similar to the government at the time of the IMF crisis," he said. Chuncheon City Council members from the Democratic Party also held a press conference at the Chuncheon City Hall on the same day, claiming that the current financial market turmoil is 'Kim Jin-tae Incident'. Governor Kim Jin-tae, who was on a business trip abroad in Vietnam, has moved up his return schedule, which was originally scheduled for tomorrow, to today. As the repercussions from this incident spread not only to the financial market but also to the political realm, it seems that he hastened his return to Korea. Gangwon-do Governor Kim Jin-tae, who returned home from Vietnam one day earlier, said in front of reporters that he would pay off all the 205 billion won in debt guarantee related to the construction of Legoland through Gangwon-do's supplementary budget within this year. 출처 : K trendy NEWS(http://www.k-trendynews.com)