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Mong-gyu Chung, Chairman of HDC Hyundai Industrial Development, expressed his intentions on the 17th… Did you decide to resign?

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HDC Group Chairman Chung Mong-gyu is moving after visiting the site of the collapse of the demolished building in Hak-dong, Gwangju on the morning of June 11, last year. By Son Jae-cheol

HDC Group Chairman Chung Mong-gyu will announce his plans on the 17th.

In the construction industry, some analysts say that Chairman Chung has decided to resign after taking responsibility for the massive disasters that have occurred in the Gwangju area since last year.




HDC Hyundai Development Company announced on the 16th that at 10 am on the 17th, Chairman Jung’s announcement of the position will be held in the conference room of the HDC Hyundai Industrial Development Yongsan office building. On the 11th, the collapse of the outer wall of the new construction site of ‘Hwajeong I-Park’ in Seo-gu, Gwangju occurred in six days.

Chairman Jung went down to the site on the 12th, the day after the accident, and discussed the accident management plan and future measures with Yoo Byung-gyu, CEO of Hyundai Development Company, and has been criticized for being too late to respond. Chairman Jung previously visited the site the next day to express his apology in relation to the collapse that occurred at the site of the demolition of the redevelopment project site in Hakdong District 4, Gwangju, in June of last year.

Gwangju’s public sentiment toward HDC Hyundai Development Company has reached its worst as another disaster occurred in which six on-site workers were sacrificed seven months after the disaster last year. The city of Gwangju took strong measures, such as issuing a ‘construction suspension order’ for all construction sites carried out by Hyundai Development Company in Gwangju.

Hyundai Development Company, which has been pursuing a high-end strategy with the brand ‘IPARK’, was in a situation where it had to withdraw even the brand called ‘IPARK’ due to a series of disasters. In fact, there is a strong demand for contract termination centered on various new construction projects and redevelopment and remodeling combinations promoted by Hyundai Development Company.

Chairman Chung’s announcement of this position is interpreted as a decision that contains a lot of thought within Hyundai Industrial Development that it can no longer be delayed. It can be interpreted that in a situation where there is even discussion about leaving the construction industry, Chairman Chung will step down with all responsibilities and Hyundai Industrial Development will go into the order of self-renewal.

Chairman Chung is a ‘car man’ who served as chairman of Hyundai Motor Company from 1986 to 1998. After that, the management rights of Hyundai Motor passed to Chairman Chung Mong-koo, and in March 1999, he took office as Hyundai Industrial Development Chairman.

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