Fire at Arisel Hwaseong Plant Causes Over 30 Casualties
Ministry of Employment Investigates Possible Violation of Serious Accident Punishment Act
Esconec's stock price has been plummeting for two consecutive trading days. This is due to a fire accident at the subsidiary Aricell's Hwaseong factory, which resulted in more than 20 deaths.
As of 9:23 AM on the 25th, Esconec is trading at 1,367 KRW, down 6.37% (93 KRW) from the previous day. On the same day, Esconec's price even dropped to 1,337 KRW during intraday trading.
Esconec holds a 96% stake in Aricell. On the 24th, 22 people died in a fire accident at Aricell's Hwaseong factory. The factory has about 50 regular workers, meaning nearly half of the workforce lost their lives.
The Ministry of Employment and Labor has formed an Industrial Accident Response Headquarters and is investigating potential violations of the Industrial Safety and Health Act and the Serious Accidents Punishment Act.
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