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  • Kim Min-seok and Jeong Cheong-rae Enter Busan-Ulsan-Gyeongnam Primary Race Amid Conflicts
    Kim Min-seok and Jeong Cheong-rae Enter Busan-Ulsan-Gyeongnam Primary Race Amid Conflicts Candidates Kim Min-seok, Jeong Cheong-rae, and Song Young-gil for the Democratic Party's leadership began their primary campaign in the Busan-Ulsan-Gyeongnam region on August 2. During the first event in Ulsan, Kim and Jeong exchanged sharp criticisms, referencing issues such as 'anti-Myeong' and 'Shincheonji'.Kim was the first to speak at the joint rally held at the Ulsan Exhibition and Convention Center, emphasizing his connection to President Lee Jae-myung to secure party support. After narrowly finishing first in the previous day's primary in the Chungcheong region, Kim stated, "The party's will, represented by each member, has triumphed over the organization," and promised to create a transparent and communicative Democratic Party, akin to the Lee Jae-myung administration, by broadcasting party affairs live if elected.He further asserted, "If we fail to criticize when necessary, it leads to anti-Myeong," and stressed that extending the 'Myungcheong War' for another year would lead to the downfall of both the party and the country.In response, Jeong directly countered Kim's allegations regarding the membership of Shincheonji followers, warning that he would file a complaint with the ethics committee if he became party leader. Jeong demanded Kim provide clear evidence for his claims, stating, "Kim, who has put the party at risk of being unconstitutional by raising the Shincheonji allegations, will face consequences under my leadership."Jeong also challenged Kim's opposition to merging with the Justice Party, which aligns with the president's views, questioning whether Kim truly supports the president. He criticized Kim for blaming the president for the party's defeat in the last local elections four years ago, stating, "Now, four years later, he is attacking Jeong Cheong-rae. I will be watching Kim's attitude when the president's popularity declines."Song, seemingly aware of the tensions between Kim and Jeong, opted to focus on specific proposals for the Yeongnam region rather than engaging in negative campaigning. He emphasized his commitment to discussing Ulsan's vision alongside Ulsan Mayor Kim Sang-wook and the Arctic shipping route.The Democratic Party will continue its joint rallies and primary elections in Busan and Gyeongnam following the event in Ulsan.* This article has been translated by AI. 2026-08-02 13:20:00
  • Ruling Party Defends Criminal Procedure Law Amid Controversy
    Ruling Party Defends Criminal Procedure Law Amid Controversy The Democratic Party of Korea on August 2 defended its proposed amendments to the criminal procedure law, which have faced criticism for alleged misuse of police investigative powers and the inclusion of grounds for dismissal, stating, "This is completely untrue. It guarantees victims' rights and poses no legal issues."Seong-kyu Seo, chair of the Legislative Judiciary Committee, and Seung-won Kim, the ruling party's committee member, held an urgent press conference at the National Assembly to share their views on the amendments that were approved in a plenary session.In response to claims that police could misuse their investigative powers, Kim stated, "We can attach cameras to police officers during investigations. There are also laws against distortion of the law," adding that in cases of significant misuse, complainants and victims can report to prosecutors for correction.He emphasized, "The system separates investigation by judicial police officers from prosecution by prosecutors to ensure checks and cooperation," noting that this framework is commonly adopted in advanced countries.Regarding speculation that the clarification of grounds for dismissal was aimed at President Lee Jae-myung's trial, Seo dismissed the notion, stating, "This content is already included in existing law."He added, "This serves as a good alternative for the judiciary to quickly assess and restore victims who are wrongfully prosecuted, and I never imagined there would be malicious distortions and criticisms linking it to specific individuals' trials."* This article has been translated by AI. 2026-08-02 13:16:00
  • Daewoo Construction Emerges as Strong Contender for Yeouido Hwarang Reconstruction
    Daewoo Construction Emerges as Strong Contender for Yeouido Hwarang Reconstruction The competition for the construction rights of the Yeouido Hwarang Apartment reconstruction project is intensifying, with Daewoo Construction emerging as a strong candidate. The company has begun preparations for the bid in collaboration with an overseas design firm, and the bid requirements, which include high-end branding and completion records, further position Daewoo as the leading contender.According to the construction industry on August 2, the Yeouido Hwarang Apartment reconstruction association will hold a site briefing on August 3. Only construction companies that have submitted a letter of intent to bid and a compliance pledge for promotional guidelines will be allowed to attend. As of the deadline for preliminary document submissions on July 31 at 1 p.m., Daewoo Construction and Jai S&D were the only two companies to qualify for the briefing.The association has restricted attendance at the site briefing to those companies that submitted the required documents. Following the briefing, a general assembly will be held in October, with the selection of the construction company expected by mid-November.However, the likelihood of a competitive bidding environment appears low. Daewoo Construction has long identified the Hwarang Apartment as a strategic project and has invested significant effort into its bid preparations. Additionally, the limited number of construction firms that meet the high-end branding and completion record requirements specified in the bidding guidelines further narrows the field. The 9 billion won bid deposit also adds to the financial burden for other potential bidders.A representative from the Hwarang Apartment reconstruction association stated, "We plan to hold the general assembly for the selection of the construction company in November, and currently, the possibility of a sole bid is high."Daewoo Construction has also completed preparations for alternative designs prior to the bid announcement. The company has finalized its partnerships and contracts, collaborating with the global architectural firm UNStudio for a differentiated design. UNStudio is known for its work on projects such as the Mercedes-Benz Museum in Germany and Raffles City in Hangzhou, China, and has participated in various redevelopment and reconstruction projects in South Korea.Daewoo Construction's focus on the Hwarang Apartment is part of its strategy to develop Yeouido as a key business area. The company made a proactive investment in the residential value of Yeouido by supplying the country's first high-end mixed-use development, 'Trump World,' in 2002. Since then, it has secured construction rights for the Yeouido Gongjak Apartment reconstruction project in 2023 and has consistently shown interest in major redevelopment projects in Yeouido, accelerating the establishment of a 'Summit' brand belt along the Han River.The Hwarang Apartment is located in Yeouido-dong, Yeongdeungpo-gu, Seoul, and consists of three buildings with 160 units. The reconstruction will transform it into a single building with 285 units, spanning three basement levels and 49 stories. While it is relatively small compared to other reconstruction projects in Yeouido, it holds significant symbolic value.Unlike typical reconstruction projects, the Hwarang Apartment is subject to the 'Special Act on the Maintenance of Vacant Houses and Small-Scale Housing.' This allows for a streamlined process for establishing maintenance plans and obtaining management disposition approvals, thereby shortening the project timeline. The association is currently preparing to apply for integrated review, aiming for approval in the second half of next year.Industry experts note that it is unusual for large construction firms to select small-scale reconstruction projects as strategic sites, as the smaller scale typically makes it difficult to achieve economies of scale. However, the Hwarang Apartment is viewed as more than just a construction project due to its location in Yeouido, its permanent view of the Han River, and its symbolic significance as a gateway to the Wonhyo Bridge.A representative from Daewoo Construction stated, "We have completed the formation of our partner companies and finalized contracts for alternative designs prior to the bid announcement, and we are committed to creating a landmark that represents Yeouido based on our top housing supply record and experience in obtaining approvals for residential complexes in Yeouido."* This article has been translated by AI. 2026-08-02 13:00:20
  • Victims of Rental Fraud Left with Nothing but Bills
    Victims of Rental Fraud Left with Nothing but Bills We aim to go a step further. The Aju Economic Investigation Team, 'Walking the Ground,' consists of reporters in their 20s and 30s who engage directly with people to record their voices. We track all issues related to economy, industry, politics, society, real estate, and culture, focusing on the realities of life. Problems have always existed but often remain hidden and unreported. 'Walking the Ground' seeks to reveal the unseen and amplify unheard voices through persistent inquiry. We will walk to places our readers cannot reach.In Seoul's Gangnam district, the Korea Construction Technology Association (hereafter referred to as the Association) leased an entire building to a rental company called Sovereign State, which had a capital of 10 million won. Sovereign State then entered into subleasing agreements with 28 tenants, collecting approximately 10 billion won in security deposits. The tenants, trusting the Association's credibility as a legally recognized organization under the Ministry of Land, Infrastructure and Transport, signed contracts. However, when Sovereign State fell behind on rent and the contracts were terminated, the tenants were left without their deposits and forced onto the streets. The first-instance court did not recognize the Association's liability for damages, and the victims are currently in the process of appealing.The process that led to the victims being evicted unfolded as follows: In January 2024, the Association filed eviction lawsuits against the tenants and carried out forced evictions with the help of court officials. During this process, a notice was posted in one victim's home stating, "The debtor may use the property under the condition that the possession is released and the court official retains it, without changing the current state, and may not transfer possession to others." Additionally, the Association billed the victims for usage fees amounting to 3 million won per month after the eviction deadline.The lives of the affected tenants have been shattered. Victim A stated, "I had nowhere to go and moved back in with my parents, but the reality of losing all my assets was enough to break me. Even when my child came to visit, I could only feel despair instead of dreaming of a future." They added, "If I had just my deposit, I could have pursued other opportunities like housing applications or rental housing, but losing that lump sum has left me with no options. I feel lost about how long my whole family will have to rely on my parents' small home."Victim B, who had previously been declared cured of a serious illness, experienced a relapse due to the extreme stress from the rental fraud. During the ongoing lawsuit, B's health deteriorated, and they ultimately passed away in 2024. Now, their husband continues the legal battle in their stead.Victim C moved into the building with the security deposit left by their mother, who passed away after a long battle with cancer. Seeking a safe and secure environment, C chose this building but discovered the rental fraud just a month and a half after moving in. C expressed, "I was shocked to realize that I could lose all of my mother's precious legacy and my entire fortune."The Association's annex office building is currently accepting new tenants and operating normally. While the victims have relocated and are demanding the return of their deposits, the new tenants have signed rental agreements with the existing built-in appliances and options intact.The management of the Association's building is currently handled by Genstar Mate, which was selected as the asset management (PM) service provider in January 2025. According to the Public Procurement Service, the Association posted a bid notice for 'Asset Management Services for the Construction Technology Association Building' on December 31, 2024, and Genstar Mate was ultimately selected through a restricted competitive bidding process.On July 23, the Aju Economic Investigation Team conducted a rental consultation with Genstar Mate, the current management company. During the consultation, a representative from Genstar Mate stated that the building's past history of rental fraud and forced evictions was "a problem of the previous company, and we are currently in the process of resolving it."This explanation differed somewhat from how Sovereign had previously misled tenants by claiming to be a subsidiary directly established by the Association. Genstar Mate clarified, "We are an asset management company entrusted by the Association to coordinate building contracts and management," emphasizing their role. They added, "We only review contracts or mediate; the actual contracts are signed directly with the Association, and the official seal is also the Association's."However, the use of the term 'public' was not significantly different. A representative stated, "Since the Association is a public institution, there are no issues with the deposit," leveraging the Association's credibility to reassure tenants. Despite not being a public institution, the Association's name was used to instill confidence in tenants. While there is a structural difference as a formally contracted management company, the attitude of minimizing risk by relying on public credibility was still evident.On July 24, the Aju Economic Investigation Team also sought rental consultation at a real estate agency in Gangnam. The agent mentioned that the office building is an 'Association building' and that the actual contracting entity is the Korea Construction Technology Association, a legal entity. They explained, "The corporation cannot lease directly; the Association has outsourced the leasing work to a third-party company." However, the Association, which started as a non-profit corporation in 1987, transitioned to a legal entity under the Construction Technology Management Act (now the Construction Technology Promotion Act) in 1995, distinguishing it from a simple private organization. Furthermore, Article 5, Section 12 of the Association's bylaws states that 'leasing and operating management of the Association's property and other facilities' is part of the Association's business purpose, so there is no legal issue with the Association being a party to the lease contract.The agent also mentioned the past rental fraud by Sovereign, stating, "There was a previous incident related to deposits, and the company that managed the leasing stopped operations, leaving several units vacant." However, they emphasized, "That issue has been resolved, and there are currently no problems regarding deposit protection."This explanation contrasts with how Sovereign and real estate agents previously reassured tenants by emphasizing their close relationship with the Association. Agents did not adequately inform tenants about the nature of the subleasing contracts. The combination of these two factors led tenants to enter into contracts without recognizing the risks involved. However, during the current consultation for the Association's annex office building, explanations regarding the contracting entity and contract structure were being provided. Notably, the management company and real estate agents mentioned the past rental fraud incidents involving Sovereign, explaining the building's history.Nevertheless, there are still factual discrepancies that need to be addressed. The Association repeatedly stated, "There are no deposit issues because we are a public institution," despite not being one, and while the Association can legally be a party to lease contracts, the claim that "the corporation cannot lease directly" is also misleading. The basis for asserting safety is inaccurate, and the information asymmetry regarding the contract structure remains unresolved for tenants.Meanwhile, it has been confirmed that Sovereign's rental business was not limited to the annex. According to a document obtained by the Aju Economic Investigation Team, the Association sent a notice to the tenant companies regarding the 'Subleasing Contract Succession Notification for the New Building of the Construction Technology Association.' The document states, "Due to the termination of the lease contract between our Association and Sovereign State (the sublessor), we intend to succeed the sublease contract through a succession agreement between your company and our Association." This indicates that Sovereign operated its rental business not only in the annex but also in the main building located in Nonhyeon-dong, Seoul.In fact, multiple informants have claimed that the main building has also been operated under a rental structure through Sovereign, raising ongoing concerns about the connection between the two buildings. The recently confirmed document can be seen as evidence supporting these claims. Victims continue to raise suspicions of collusion between the Association and Sovereign regarding the opaque rental management system and the circumstances surrounding the incidents.Regarding these allegations, the past contract processes, and the current rental status, a representative from the Association stated, "As this matter is currently under civil and criminal litigation, it is difficult to provide specific answers. We will be able to explain thoroughly only after the legal proceedings are concluded."However, they maintained that the forced eviction by court officials was a "legitimate necessary measure in accordance with the prohibition of transfer of real estate possession." 2026-08-02 13:00:20
  • Lotte Wellfood Promotes K-Snacks at UNESCO World Heritage Committee
    Lotte Wellfood Promotes K-Snacks at UNESCO World Heritage Committee Lotte Wellfood participated as an official partner of the UNESCO World Heritage Committee, promoting K-snacks to delegations and visitors from around the world.The company announced on August 2 that it showcased key products, including Pepero and Zeck, at the 48th UNESCO World Heritage Committee held at BEXCO in Busan from July 19 to 29.During the event, Lotte Wellfood provided approximately 3,000 product samples in the delegation lounge, which was utilized by participants from 162 countries. Pepero Almond and Chocolate were the first to sell out, and there was significant interest in the 'K-Package Series' design featuring Korean palaces and regional names. Other products, such as Zeck and Mini Yakgwa, also received positive feedback.On July 25, the day the expansion of the 'Korean Tidal Flats' UNESCO World Heritage site was confirmed, Lotte Wellfood presented gift sets of the 'Pepero Landmark Edition,' which captures the beauty of Korea, including Gwanghwamun and Ilwol Obongdo, to the delegations.For general visitors, the Korea Pavilion hosted a Pepero experience event on July 23 and 24. Attendees participated in a tattoo experience using UNESCO World Heritage illustrations and a social media certification event, receiving Pepero as a reward. The total number of visitors to the Korea Pavilion during the event was approximately 30,000.Lotte Wellfood plans to use this activity as a stepping stone to enhance brand recognition in overseas markets and continue promoting Korean culture through K-food.A representative from Lotte Wellfood stated, "It was meaningful to introduce K-snacks and the beauty of Korea at an international conference. We will continue to expand our engagement with overseas consumers to strengthen our global brand competitiveness while promoting the value of national heritage."Meanwhile, the 48th UNESCO World Heritage Committee is the first meeting hosted by South Korea since it joined the 'Convention Concerning the Protection of the World Cultural and Natural Heritage' in 1988. This committee reviewed 33 heritage sites and approved the registration of a total of 28 sites, including the second phase expansion of the 'Korean Tidal Flats.' The next 49th World Heritage Committee will be held in Istanbul, Turkey, in 2027.* This article has been translated by AI. 2026-08-02 12:52:20
  • Korea seeks emergency power to slash leverage on single-stock funds
    Korea seeks emergency power to slash leverage on single-stock funds SEOUL, August 02 (AJP) - South Korea's financial regulators are moving to arm themselves with emergency authority to unilaterally cut the leverage ratio on single-stock funds, escalating a campaign to tame the wild swings that have gripped the country's stock market. Industry sources say Sunday that the Financial Services Commission and the Financial Supervisory Service they would push an amendment to the capital markets act that would allow authorities to act swiftly to stabilize markets in a crisis. The move follows a punishing bout of volatility fueled by a rush into semiconductor stocks and the leveraged products tied to them. At the heart of the proposed amendment is a legal basis for regulators to directly lower the leverage on single-stock products, now fixed at two times, when markets turn turbulent. Officials are understood to have drawn on the example of Hong Kong's Securities and Futures Commission, which recently permitted flexible adjustment of leverage on listed products. Regulators are also weighing further trading curbs, including suspensions in cases of unfair trading. In tandem, authorities plan to unify the single-stock leverage investment ceiling at about 20 percent of each account across brokerages, curbing the concentration of funds at particular firms and reining in outsized bets by wealthy investors. Mandatory mock trading, mirroring the futures and derivatives markets, will be added to existing investor education. The market has already cooled sharply. After the basic deposit requirement was tripled to 30 million won ($20,790) from 10 million won on July 31, turnover in the 16 single-stock leverage products, including inverse funds, plunged to about 3 trillion won on the first day, roughly a quarter of the 12.4 trillion won traded the previous session. 2026-08-02 12:36:57
  • E-Land New Balance Launches Same-Day Delivery Service
    E-Land New Balance Launches Same-Day Delivery Service E-Land World, which operates New Balance, is launching a same-day delivery service utilizing inventory from its nationwide offline stores. E-Land World announced on August 2 that it will begin offering the 'Fast Arrival' service for same-day and next-day delivery on its official online mall starting August 3. Products ordered before noon on weekdays can be received the same day in Seoul and the surrounding metropolitan area. For other regions, excluding remote areas, delivery will occur the next day. Items eligible for this service will be marked as 'Today Arrival' or 'Tomorrow Arrival' on the online mall. This service is operated in collaboration with the urban logistics platform Delivery Box Central. When an order is placed, New Balance will check inventory in real-time across its stores nationwide and automatically assign the optimal shipping point that has the product in stock. Delivery Box Central will transport the shipped items to the customer's residential area. A key feature of this service is the use of inventory not only from existing logistics centers but also from offline stores. This allows for the sale of items that are out of stock online if they are available in stores, thereby expanding sales opportunities and improving inventory management efficiency. In the fashion industry, delivery speed has become a major competitive factor in online purchasing decisions. Zigzag's 'Direct Delivery' service offers same-day delivery for items ordered before 1 p.m. in Seoul and parts of Gyeonggi and Incheon. Zigzag reported that the average monthly transaction volume for small and medium-sized sellers using Direct Delivery increased by 30% compared to the previous year. Ably also launched a 'Guaranteed Arrival' service in June, ensuring next-day delivery for items ordered by midnight on weekdays, further segmenting the competition for fast delivery in fashion platforms into same-day, early morning, and next-day options. New Balance is introducing the Fast Arrival service in conjunction with the launch of its online campaign 'New Balance Shoes Week.' The event will run from August 3 to 7, featuring the sequential release of key sneaker models such as the 740, 509, Minimus, and 992 series on designated days. A representative from E-Land New Balance stated, "Delivery speed has become a crucial factor in the online shopping experience, and we aim to enhance customer convenience by integrating online and offline inventory for our shopping services."* This article has been translated by AI. 2026-08-02 12:36:00
  • Small Manufacturers Expand Sales Through Coupangs Private Brand, Reinvest in R&D
    Small Manufacturers Expand Sales Through Coupang's Private Brand, Reinvest in R&D Small manufacturers producing Coupang's private brand (PB) products are reinvesting their increased sales into research and development and production facilities. According to Coupang on August 2, KGS Geumgang, a manufacturer of interior finishing materials based in Gwangju, has been supplying sticker wallpaper and insulation sheets to Coupang's PB subsidiary, CPLB, for about two years. The company has developed self-interior products that reduce condensation and drafts for over a decade. Its sticker paper wallpaper has received environmental certification from the Korea Environmental Industry & Technology Institute for its effectiveness in reducing harmful substances and environmental pollution. Despite having the technology, the company faced limitations in expanding its business due to a lack of capital, distribution networks, and marketing capabilities. However, securing a stable production volume through Coupang allowed it to achieve sales of 1.2 billion won last year, representing a growth rate 20% higher than the industry average.Kim Yoon-kyung, CEO of KGS Geumgang, stated, "With a stable distribution network in place, our manufacturing operations have gained momentum. We plan to reinvest profits into product research and development to expand our product range." Lifist, a household goods manufacturer based in Jincheon, also turned its first profit last year, just one year after collaborating with CPLB. Monthly sales increased from about 200 million won to 400 million won, and the factory's operating rate rose from 60% to 120%, according to the company. Lifist faced significant costs in developing plastic storage products, with mold expenses ranging from tens of millions to hundreds of millions of won. Competing with low-cost Chinese products made it challenging to predict sales volumes, complicating new investment decisions. The company used Coupang's sales data to plan domestic production of large storage products, which typically incur high overseas shipping costs. Once it secured a stable sales volume, it invested in mold development and launched the 'Comet Living Box.' The company aims to increase its PB products featuring new technologies to over 30 by the end of this year. Kim Jong-jae, CEO of Lifist, remarked, "With sales data that allows us to predict market demand and a stable volume, we were able to expand our investments in mold development and production facilities." Coupang is increasing its range of PB products that require technological development, including low-irritation detergents and functional cosmetics. The plan is for manufacturers to focus on production and quality improvement while CPLB handles sales and logistics, thereby reducing distribution costs for small businesses. According to Coupang, nine out of ten partner companies are small manufacturers, which account for a significant portion of Coupang's PB product sales. As of 2024, there are 630 small manufacturers supplying PB products nationwide, a fourfold increase since 2019, with employment levels steadily rising to around 27,000. A Coupang representative stated, "We will continue to support manufacturers in reducing distribution burdens so they can focus on research and development (R&D) and production."* This article has been translated by AI. 2026-08-02 12:24:10
  • Jung Jeom-sik Calls for National Investigation into Stock Market Volatility
    Jung Jeom-sik Calls for National Investigation into Stock Market Volatility Jung Jeom-sik, the floor leader of the People Power Party, argued on August 2 that a national investigation is necessary to determine accountability for the extreme volatility in the domestic stock market.In a post on his Facebook, Jung warned that "our stock market is abnormal right now" and emphasized the need for a national investigation to clarify responsibility for the crisis in the KOSPI and KOSDAQ markets.He pointed out that the decline in the KOSPI during July was greater than during the IMF (International Monetary Fund) financial crisis, stating, "Circuit breakers and sidecars, which we used to see once a year, have now become commonplace." He criticized the government for only exacerbating the situation, saying, "The recent actions of the government have only fueled overheating, increasing volatility and creating a casino-like environment in the stock market. The bigger issue is whether the stability of pension funds, such as the National Pension Service, has been adequately protected during this process."Jung noted that if the instability in the stock market has led to a significant evaporation of the 'people's retirement funds' due to inappropriate government intervention and policy failures, then serious accountability must be established. He called for the National Assembly to swiftly identify the causes and responsibilities of this situation to ensure the healthy development of the stock market.He proposed five areas for the national investigation: the introduction and impact of single-stock leveraged exchange-traded funds (ETFs), government actions that encouraged stock market overheating, government-induced uncertainties in the market, trends and appropriateness of domestic stock investments by pension funds like the National Pension Service, and the adequacy of roles played by financial supervisory authorities and economic policy departments.Jung also mentioned that Han Byeong-do, the floor leader of the Democratic Party, acknowledged the seriousness of the situation and expressed a willingness to examine the introduction process of single-stock leveraged ETFs. He stated, "Therefore, the Democratic Party should have no reason to oppose the national investigation into the stock market crisis. I expect a prompt response."The People Power Party continued to criticize the government on the same day regarding the recent fluctuations in the domestic stock market. Choi Bo-yun, the party's chief spokesperson, stated in a commentary that the Lee Jae-myung administration has privatized the National Pension Service, which is meant to safeguard the people's retirement funds, for political gain, thereby destroying the last safety net. He pointed out that the intervention of the Lee Jae-myung administration and the political sphere has completely undermined the National Pension Service's role as a "firefighter" in the stock market.The National Pension Service has traditionally sold stocks to realize profits during market overheating and bought them back during downturns to mitigate shocks. However, it has recently raised the upper limit on domestic stock holdings and postponed the sale of excess amounts during the recent surge.Choi Eun-seok, the party's senior spokesperson, emphasized that the introduction process and decision-making regarding single-stock leveraged products must be transparently disclosed to the public, including who initiated the process, who raised warning signals, who ignored those warnings, and who condoned the situation despite being aware of it.* This article has been translated by AI. 2026-08-02 12:20:00
  • Korea Zinc Celebrates 52nd Anniversary, Aims to Become Global Core Mineral Platform
    Korea Zinc Celebrates 52nd Anniversary, Aims to Become Global Core Mineral Platform Korea Zinc has announced its ambition to become a global core mineral platform company, focusing on the construction of a U.S. smelter and the expansion of its core mineral business as it celebrates its 52nd anniversary.According to Korea Zinc, Chairman Choi Yoon-bum stated in his founding speech on July 31, "We will establish a new growth foundation based on the world-class smelting technology and the capabilities of our employees accumulated over the past half-century." Chairman Choi introduced the key theme of this year's founding speech as 'Crucible.' The name 'Project Crucible,' associated with the construction of the integrated U.S. smelter, symbolizes a crucible that melts silver and refines it, representing a space that withstands intense heat to create new value.He expressed, "As Project Crucible is completed, and our heart beats in Tennessee, our hearts will also be further tempered and grow in this hot crucible. If the Onsan smelter led Korea's industrialization, Crucible Metals in Tennessee will become a hub supplying core minerals to the global advanced industry."Choi emphasized that Korea Zinc's competitiveness lies not in its equipment but in its people. He stated, "What makes Korea Zinc the world's best comprehensive core mineral smelter is not machines and equipment, but our refined spirit. This competitiveness cannot be taken away by anyone and cannot be bought with money."Regarding the recent two years of hostile takeover attempts, he noted, "There were many concerns and struggles at the time, but I have come to believe that promoting Project Crucible has become a new starting point for growth."Alongside the U.S. Project Crucible, Korea Zinc is also actively pursuing its 'Troika Drive' strategy, which focuses on resource recycling, renewable energy, green hydrogen, and secondary battery materials. The company plans to expand its production base for core minerals such as gallium and germanium to respond to the reorganization of global supply chains.In conclusion, Choi remarked, "If we look at problems honestly, immerse ourselves fully, and move as one team, we can overcome any difficulties. Let us all enter the hot crucible and forge greater value together."Meanwhile, the management dispute at Korea Zinc has entered its third year. The conflict between Chairman Choi's side and the MBK-Youngpoong alliance continues through various legal and commercial battles, including competition for share acquisition, board leadership disputes, injunctions against capital increases, and allegations of technology leaks.* This article has been translated by AI. 2026-08-02 12:04:00