[Asia Economy Reporter Lee Chun-hee] The executive committee of the mammoth-scale reconstruction complex, Dunchon Jugong Apartment in Gangdong-gu, Seoul, which consists of a total of 12,032 households, has been entirely dismissed.
At 2 p.m. on the 8th, the Dunchon Jugong Association Members' Meeting held an extraordinary general meeting in Gangnam-gu, Seoul, to dismiss the current chairman, directors, and auditors of the Dunchon Jugong Apartment Housing Reconstruction Maintenance Project Association. As a result of the meeting, the dismissal motions for the current executive committee members, including Chairman Choi Chan-sung and Acting Chairman and General Manager Cho Yong-il, were all approved.
At the meeting, out of a total of 6,124 association members, 3,785 submitted written resolutions and 22 members participated in person, making a total of 3,807 members expressing their opinions.
The vote counting, which ended around 4:15 p.m., showed that the dismissal motions for the eight executive members received over 3,700 votes in favor for all motions. For the chairman, there were 3,702 votes (97.2%) in favor and 11 against, and for the managing director, 3,705 votes (97.3%) in favor and 10 against.
For the association general meeting to be valid, at least 10% (613) of the total members (6,123) must attend in person, and including those who submit written consent forms, more than half (3,062) must express their intention to participate. If more than half of the quorum approve the motions, the executive committee is dismissed.
This meeting was held amid conflicts between the association members' group and the current executive committee over the sale price. The existing executive committee had accepted the negotiated sale price with the Housing and Urban Guarantee Corporation (HUG), averaging 29.78 million KRW per 3.3㎡, and had applied for approval of the resident recruitment announcement to Gangdong-gu Office on the 27th of last month. The plan was to hold a general meeting on the 5th of next month to compare the HUG sale price with the sale price under the private land price ceiling system and decide the sales method, but this plan was completely canceled due to the results of this meeting.
Industry insiders predict that the sale of Dunchon Jugong within this year has become virtually impossible. First, a new executive committee must be formed, and since the pre-sale based on the HUG sale price has been canceled, negotiations on the sale price under the price ceiling system must be conducted again. Given the structure of the price ceiling system, there is also a high possibility that post-sale, which allows for a higher sale price, will take place.
A representative of the association members' group said, "This is just the beginning," and added, "Since the path we will take from now on must be decided by you, the members, we ask for your cooperation in preparing for it." The association members' group plans to file an injunction to suspend the current executive committee's duties, select an acting executive, and appoint a 'professional association manager' as the new chairman to ensure no delays in the project. The professional association manager system invites external experts in maintenance projects and is recruited through a public hiring process by the competent district office.
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