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[Alpha Biz=(Chicago) Reporter Kim Jisun] Daewoo Engineering & Construction has provided 280 billion won worth of debt guarantees to developers whose projects have been delayed for more than a decade.
Concerns about financial risks are growing as the size of debt guarantees is expanded to businesses with uncertain business conditions.
According to the Financial Supervisory Service's electronic disclosure system on the 19th, Daewoo Engineering & Construction Co. provided 280 billion won in debt guarantees to Rocus, the developer of Nodeul Station PRUGIO, on the 8th.
After increasing the debt deposit from 139 billion won to 243 billion won in March, it increased 40 billion won again in three months. Currently, the total balance of debt guarantees provided by Daewoo Engineering & Construction to its dependents and developers amounts to 14.3589 trillion won.
Daewoo Engineering & Construction first provided a debt guarantee to Rocus in 2012. Since providing 250 billion won worth of debt guarantees at the time, the project has been delayed for 11 years due to lawsuits and licensing issues. Daewoo Engineering & Construction strengthened the credibility of Rocus through refinancing every year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
