HDC Chairman Chung Mong-gyu to Announce Position on 'Gwangju Disaster' on the Morning of the 17th

Chung Mong-gyu, Chairman of Hyundai Development Company (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] Chung Mong-gyu, chairman of HDC Group, will announce his position on the apartment exterior wall collapse accident in Gwangju on the morning of the 17th.

HDC Hyundai Development Company announced on the 16th that Chairman Chung Mong-gyu's statement will be made at 10 a.m. on the 17th at the Yongsan I'Park Mall headquarters.

There is speculation that the announcement will include issues regarding Chairman Chung's position. Responsibility has been raised against Chung Mong-gyu due to consecutive major accidents in Gwangju. Discussions have been made about him stepping down from overall group management and transitioning to a professional management system.

The day after the accident, on the 12th, Chairman Chung visited the disaster site in Gwangju and discussed accident response measures and future plans with Yoo Byung-gyu, CEO of Hyundai Development Company, among others. Afterwards, he returned to his residence in Seoul and spent the weekend contemplating fundamental accident response measures along with his own position.

Hyundai Development Company caused a large-scale casualty accident during the demolition process of the Gwangju Hakdong redevelopment in June last year, and seven months later, on the 11th, caused the exterior wall collapse accident at Hwajeong I'Park mixed-use apartment complex.