Taeyoung Construction "All Payments to Partners for December Last Year Fully Settled"

Additional Payment of 5.5 Billion KRW in Cash and 56.8 Billion KRW in On-Site Direct Payments

Taeyoung Construction announced on the 7th that it has paid all subcontractor payments for December of last year in cash and on-site direct payment methods ahead of the Lunar New Year holiday.

A flag is fluttering in the wind in front of the Taeyoung Construction headquarters in Yeongdeungpo-gu, Seoul. / Photo by Jinhyung Kang aymsdream@

Previously, Taeyoung Construction stated that it would make maximum payments before the Lunar New Year holiday regarding wage arrears for construction site workers. Accordingly, on the 31st of last month, it paid 60 billion KRW in cash for subcontractor payments corresponding to wage-related work categories to on-site workers, and an additional 5.5 billion KRW in cash on that day.

Taeyoung Construction said, "Going forward, after the monthly progress closing, we will conduct a thorough survey of subcontractors and pay in cash to those subcontractors expected to have wage arrears or operational difficulties."

On the same day, Taeyoung Construction also paid 56.8 billion KRW to subcontractors through on-site direct payment. On the 31st of last month, it had paid 98.8 billion KRW. On-site direct payment is a method where the client (developer) directly pays the subcontractors of Taeyoung Construction, the main contractor, instead of Taeyoung Construction.

Taeyoung Construction stated, "Since wage arrears issues recently occurred at real estate project financing (PF) sites, we are currently negotiating on-site direct payments with lenders and developers for each project site to ensure smooth payment of construction fees to subcontractors."