The Dream Tower partner companies' emergency council (tentative name) hung a banner reading "Exercising Lien Rights" on the top floor of Jeju Dream Tower and began a sit-in protest regarding unpaid construction fees.
[Asia Economy Honam Reporting Headquarters (Jeju) Reporter Park Chang-won] On the 2nd, a large yellow banner was hung on the top floor of the Dream Tower, which boasts a super high-rise in Jeju, and subcontractors who have not received construction payments on time launched a life-risking protest.
The (tentatively named) Dream Tower Subcontractors Emergency Council, composed of about 10 companies that participated in the Dream Tower construction, urged a prompt resolution regarding the non-payment of construction fees by the Nokji Group and China State Construction Engineering Corporation.
On the 2nd, they hung a banner reading "Exercising Retention Rights" on the top floor of Jeju Dream Tower and began a sit-in protest concerning various unpaid construction fees related to Jeju Dream Tower.
The emergency council of partner companies of Dream Tower (tentative name) installed a barbed wire barricade on the stairs leading to the 38th floor of Jeju Dream Tower and began a sit-in protest.
According to the Emergency Council, currently, four interior companies with about 40 participants are protesting on the 38th floor. They have already prepared ten days' worth of food and have installed barbed wire barricades on the stairs leading to the 38th floor.
Shin Dae-ho, Secretary-General of the Jeju Dream Tower Subcontractors Emergency Council, expressed frustration, saying, "We sold company assets, took out loans, and even borrowed private loans to pay for materials and wages, but we have not received construction payments and feel like dying."
Another member of the Emergency Council lamented, "We have done the work, but we have not received construction payments for over four months, putting the company on the brink of bankruptcy, yet no measures are being taken. It seems they are completely unaware of the seriousness of the situation."
The Emergency Council, formed by 10 subcontractors who have not received construction payments, estimates the total unpaid amount to be 60 billion KRW. Among this, the unpaid receivables for which tax invoices have been issued amount to 36 billion KRW, and an additional 24 billion KRW is under negotiation, according to the council.
Furthermore, the council plans to continue protests in front of the Dream Tower from 9 a.m. on the 3rd, with six companies that could not participate in the 38th-floor sit-in joining the demonstration.
In this regard, Lotte Tour Development stated, "Since the amount of construction fees between the primary contractor, China State Construction Engineering Corporation, and subcontractors has not been determined, we requested a third-party institution to objectively assess the payment amount and are awaiting the results."
They added, "We requested the submission of detailed usage statements related to the payment, extending the deadline four times (until February 10, 2021), but many supporting documents are still incomplete or not submitted, causing delays in settlement."
Meanwhile, the third-party institution is scheduled to complete the review of submitted materials by February 21, gather final opinions from stakeholders by March 7, and submit the result report by March 15.
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