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Daewoo E&C (Dae-woo Construction) |
[Alpha Biz= Paul Lee] On December 16, Daewoo E&C announced that it has been handed a two-month suspension of its civil and architectural construction business by the Seoul Metropolitan Government.
The measure stems from a retaining wall collapse at an officetel construction site in Gasan-dong, Geumcheon-gu, Seoul, in August 2018. The collapse created a sinkhole approximately 30 meters wide, 10 meters long, and 6 meters deep, forcing over 200 residents in nearby apartments to evacuate.
The suspension affects projects worth approximately KRW 7.6515 trillion, accounting for 72.8% of Daewoo E&C’s 2024 revenue of about KRW 10.5361 trillion. The suspension is scheduled to take effect on January 23, 2025.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
