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  • Seouls Local Authority Shift Raises Concerns Over Urban Planning
    Seoul's Local Authority Shift Raises Concerns Over Urban Planning The government and ruling party are pushing to transfer the authority for designating redevelopment and reconstruction zones for projects with fewer than 500 units from the Seoul city government to local districts. The rationale is to expedite housing supply by reducing the procedures that involve the city. While this sounds reasonable, administrative actions should be evaluated based on outcomes rather than just intentions. Simply decentralizing authority does not automatically equate to reform.Seoul is divided into 25 districts, yet it functions as a single city. The floor area ratio and building heights in one district affect not only its residents but also the surrounding infrastructure, including roads, subways, schools, parks, water supply, sunlight access, and views of the Han River and mountains. If development standards vary across district boundaries, Seoul's urban planning could become fragmented. Even if districts build housing, the entire city shares the benefits.Currently, many powers related to establishing redevelopment associations, project implementation, and management are already exercised by local districts. The city retains key responsibilities, such as designating redevelopment zones and overseeing integrated reviews that require regional coordination. Proposing to strip these powers without identifying the actual bottlenecks causing delays in supply is akin to wielding a scalpel without first diagnosing the issue.With authority concentrated in the city, oversight becomes more stringent. The Seoul City Council must conduct administrative audits, and the National Assembly's Administrative and Land Transport Committees also scrutinize the city's actions. Although not all local affairs are subject to national audits, the city's housing and urban planning undergoes annual nationwide scrutiny.What happens if authority is divided among the 25 districts? Oversight does not disappear; district councils exist, and the city and audit offices can supervise. However, it becomes challenging for the National Assembly and media to track the designation processes and interests of hundreds of small redevelopment projects. If the majority party in local councils and district mayors share the same political interests, checks and balances may weaken. While authority may be closer to residents, oversight paradoxically becomes more distant.This reflects a significant contradiction in local governance. While there is an advantage in quickly reflecting residents' wishes in administration, prolonged local power can lead to the formation of a shared interest community among local elites, developers, and politicians. The risks are magnified when development profits reach hundreds of billions or trillions of won. Local administration, which is supposed to be close to residents, can morph into one that is aligned with vested interests.It is worth considering why the Seoul city government has been managing integrated personnel exchanges between city and district technical officials in civil engineering and architecture. This approach aims to balance the distribution of expertise while preventing long-term collusion with specific regions or developers. If significant development authority is concentrated in one place while personnel are rotated, the system becomes inconsistent.The public remembers the Daejang-dong incident. Although the legal structures of Daejang-dong and Seoul's redevelopment and reconstruction differ, it is incorrect to assume that transferring authority will inevitably lead to a repeat of Daejang-dong. However, we must not ignore the lessons learned from Daejang-dong. We have already witnessed the suspicions and social costs that arise when development authority and developer profits intertwine opaquely without sufficient checks.In this context, the government's proposal to reduce Seoul's regional review authority while expanding the powers of local leaders seems particularly ill-timed. This does not necessarily reflect their intentions, but to the public, it may appear as a case of 'another Daejang-dong incident.' The saying 'do not adjust your hat under the apricot tree' implies that one should act in a way that avoids unjust suspicion. If the government and ruling party still bear the scars of Daejang-dong, they should prioritize establishing tighter checks before distributing development authority.The issue of the greenbelt is related. Past mayors of Seoul, regardless of their political affiliations, have generally been cautious about lifting greenbelt restrictions. While there have been some exceptions, the fundamental principle of viewing the greenbelt as an asset for future generations has been maintained. This is not merely a personal stubbornness of any one mayor but a minimal restraint that a densely populated city like Seoul must uphold.In urgent need of housing supply, the government should not resort to using irreplaceable green spaces. Instead, it should first normalize redevelopment and reconstruction in urban areas where infrastructure is already established. The focus should be on rationally easing regulations that hinder projects, such as floor area ratios, loans, and the transfer of membership status, to accelerate ongoing projects. The greenbelt should remain a last resort, not a contingency fund to cover government policy failures.This does not imply that the current system in Seoul is flawless. There is a need for greater transparency in reviews and shorter processing times. However, the fundamental structure that coordinates the entire city as a single living area and subjects it to multiple layers of oversight is more rational than dividing authority among districts. The issue to address is not the regional oversight mechanism but the slow procedures.Politics should not focus on reducing Mayor Oh Se-hoon's authority, nor should the city aim to maintain its power for its own sake. The sole criterion should be which system can supply housing more quickly while effectively preventing haphazard development, favoritism, and local collusion.Decentralization only occurs when responsibility and oversight are also delegated. If responsibility becomes blurred while development authority is transferred, that is not reform. The government should not feel compelled to adjust its hat under the apricot tree regarding Seoul's century-long urban planning and green spaces for future generations.* This article has been translated by AI. 2026-08-28 13:00:20
  • KOSPI Falls Over 1% Amid Foreign Selling; Samsung, SK Hynix Weaken
    KOSPI Falls Over 1% Amid Foreign Selling; Samsung, SK Hynix Weaken The KOSPI index has dropped over 1% due to significant foreign net selling. As major semiconductor stocks weaken, funds are shifting towards themes like oil, cosmetics, and artificial intelligence (AI).As of 12:40 p.m. on August 28, the KOSPI was trading at 6,822.63, down 89.74 points (1.30%) from the previous trading day. The index opened at 6,846.54, down 65.83 points (0.95%). After initially reducing its losses and briefly rising to 6,901.78, the index reversed course and fell back into a decline of over 1%.While individual investors have net purchased stocks worth 77.1 billion won, foreign and institutional investors have net sold 982.6 billion won and 56.5 billion won, respectively.Most of the top market capitalization stocks are showing weakness. Samsung Electronics is down 2.63%, SK Hynix is down 2.77%, Samsung Electronics preferred shares are down 3.32%, SK Square is down 1.40%, and Samsung Biologics is down 5.65%. In contrast, Samsung Electro-Mechanics is up 3.90%, Samsung Life is up 1.14%, Samsung C&T is up 0.53%, KB Financial is up 1.10%, and Hyundai Motor is up 0.13%.Samsung Biologics is experiencing a decline after announcing a 3.9 trillion won rights offering to finance its acquisition of Polypeptide Group.In terms of sectors, oil stocks are performing well, buoyed by strong refining margins and expectations for improved performance in the second half of the year, with companies like S-Oil and GS seeing gains. Cosmetics stocks are also strong, driven by expectations of diversified export markets and increased spending from foreign tourists.At the same time, the KOSDAQ index is trading at 835.74, down 1.91 points (0.23%) from the previous trading day. It opened at 835.23, down 2.42 points (0.29%). After briefly rising in early trading, it has fluctuated around the flat line.Individual investors have net purchased stocks worth 160.2 billion won, while foreign and institutional investors have net sold 140.8 billion won and 23.3 billion won, respectively.The top KOSDAQ stocks are mixed. Alteogen is up 1.93%, Rino Industry is up 1.20%, HLB is up 0.42%, and Pharma Research is up 4.97%, while EcoPro is down 2.39%, EcoPro BM is down 1.02%, Rainbow Robotics is down 3.08%, Juseong Engineering is down 0.67%, Wonik IPS is down 0.71%, and EoTechnics is down 0.86%.Kim Seok-hwan, a researcher at Mirae Asset Securities, stated, "The index is weak, particularly among large-cap semiconductor stocks, and as declining stocks dominate, funds are flowing into thematic investments."* This article has been translated by AI. 2026-08-28 12:52:00
  • People Power Party Concludes Retreat, Vows to Unite Against Lee Administration
    People Power Party Concludes Retreat, Vows to Unite Against Lee Administration 국민의힘은 28일 집권 2년 차에 접어든 이재명 정부의 폭정을 지적하며 이 대통령의 재판 취소와 법치 파괴를 반드시 막아내겠다고 밝혔다. 아울러 이재명 정권에 맞서기 위한 '원팀'을 강조하면서 1박 2일 간 연찬회를 마무리했다.장동혁 대표는 이날 경기 고양시에서 열린 국회의원 연찬회 폐회식에서 "정당은 국민들로부터 신뢰를 얻어야 하고, 신뢰를 얻는 방법은 진정성이다. 국민의 삶을 더 잘 챙기는 정당을 만드는 것이 개혁과 혁신"이라며 "이제 남은 것은 각자의 역량을 최대한 모아서 오늘 국민께 드린 약속을 지키고 그것을 결과로 만들어내는 것"이라고 강조했다.정점식 원내대표는 "지금 정부처럼 과오만 저지르면서 사회 전체를 망쳐버리고, 오직 자신의 안위만을 위해 폭주하는 정부를 본 적이 없다"며 "이념과 오기로 점철된 막무가내 정책으로 국민을 실험실 쥐처럼 취급하고 대통령 한 사람의 안위를 위해서 이렇게 폭주하는 정권도 본 적이 없다"고 지적했다.이어 "우리는 이와 같은 폭주를 막아내야 한다"며 "우리가 하나로 똘똘 뭉쳐 단결해서 정권에 맞서 싸우는 것은 시대의 명령이고 역사의 책무"라고 주장했다.국민의힘은 연찬회 마지막 순서로 의원들의 토론을 거친 결의문을 발표했다. 이들은 결의문을 통해 "이재명 정권은 법치주의를 파괴했고, 균형을 잃은 부동산·주식·반도체 등의 정책과 묻지마식 안보·치안 해체로 대한민국의 미래는 심각한 위기에 직면하고 있다"며 "내일을 파괴하는 이재명 정권에 단호히 맞서고 국민의 삶에는 분명한 대안을 제시하겠다"고 밝혔다.그러면서 "사법부 파괴 등 법치주의 훼손에 단호히 맞서 자유민주주의 헌정질서를 지키고, 국민의 생명과 안전을 최우선으로 하겠다"고 했다. 또한 "민생의 성장판을 다시 열겠다"며 "규제와 세금의 부담을 덜어 국민과 기업이 함께 성장하도록 하고, 무너진 주거 사다리도 복원하겠다"고 덧붙였다. 아울러 청년에게 일자리와 자산 형성의 기회를 넓혀 스스로 미래를 설계할 수 있는 대한민국을 만들겠다고 다짐했다.앞서 연찬회에서는 부동산, 주식, 취업을 주제로 '2030 청년토크' 프로그램을 열어 청년들의 의견을 청취했다. 발제를 맡은 김한슬 전국청년지방의원협의회장은 "정치는 몇 명에게 무엇을 지원했는지 설명하고 홍보하지만, 청년은 지원을 받은 이후 삶이 어떻게 달라졌는지를 묻고 싶어한다"며 "정책 성과를 관료적인 집행률과 수혜 인원으로만 평가하면 청년이 느끼는 체감과 정치의 간극이 커질 수밖에 없다"고 지적했다. 이어 "청년들의 마음을 얻기 위해서는 정부, 여당의 실책으로 얻은 반사 이익을 넘어 실력과 진정성으로 증명해내야 한다"고 강조했다.정 원내대표는 이날 연찬회를 마치고 기자들과 만나 "대한민국 정통 보수 제1야당으로서 대한민국 시스템을 파괴하고 해체하는 이재명 정권이 초래한 민생 안보 위기를 극복하겠다"며 "나라와 국민을 지키는 원팀으로 대의를 위해 단결하고 화합하는 것이 이번 연찬회가 남길 의미와 성과"라고 말했다.* This article has been translated by AI. 2026-08-28 12:48:00
  • Hanssem Supports Space Improvement for Lifelong Learners at Mugunghwa School
    Hanssem Supports Space Improvement for Lifelong Learners at Mugunghwa School Hanssem announced that it has improved the educational space at Mugunghwa School, a facility for lifelong learners located in Iksan, North Jeolla Province, and held a completion ceremony on August 24.Founded in 1975, Mugunghwa School serves as an educational institution for seniors who missed learning opportunities due to economic and social difficulties. Currently, over 60 lifelong learners are pursuing their education, supported by about 20 teachers who offer basic Korean language education, literacy classes, and exam preparation courses.Previously, the school faced challenges due to a lack of funding, leading to the reuse of discarded desks and chairs and the use of lockers as makeshift lecterns, resulting in a poor overall educational environment.In response, Hanssem provided more than 90 pieces of essential office furniture, including desks, chairs, personal storage units, bookshelves, and lecterns, taking into account the physical needs and learning pathways of the seniors.Notably, ergonomic chairs were installed to reduce strain on the back and pelvis during long classes. The desks were made from eco-friendly materials and aluminum using advanced die-casting techniques.This initiative is part of Hanssem's main social contribution project, the 'Space Improvement Project.' The company has named this effort 'Brilliant Hanssem,' reflecting its hope for beneficiaries to lead brighter lives, with a focus on improving spaces for women and vulnerable groups.A Hanssem representative stated, "The improvement of Mugunghwa School marks the 1,082nd achievement of our space improvement social contribution project and is particularly meaningful as it is our first support for a lifelong learning facility. We are pleased to provide a comfortable environment for seniors continuing their education at a later age, and we will continue to spread warmth in society through our space initiatives."* This article has been translated by AI. 2026-08-28 12:36:00
  • Ruling Party Calls for Withdrawal of Supreme Court Chief Justices Nomination
    Ruling Party Calls for Withdrawal of Supreme Court Chief Justice's Nomination Seo Young-kyo, chair of the National Assembly's Judiciary Committee, and Kim Seung-won, the ruling party's committee secretary, stated on the 28th that Supreme Court Chief Justice Cho Hee-dae should "voluntarily withdraw" his written nomination amid ongoing controversy. They also indicated plans to pressure Cho to appear as a witness before the committee on the 31st and to clarify the court organization law.Speaking to reporters after a workshop for lawmakers at the Inspire Hotel in Incheon, Kim noted, "We thoroughly discussed legislation related to people's livelihoods in the Judiciary Committee. Judicial reform has emerged as a key issue for major reforms benefiting the public."Kim specifically addressed the recent controversy surrounding Cho's written nomination of three Supreme Court justice candidates, stating, "After discussions with President Lee Jae-myung, we concluded that it is appropriate to go through a re-nomination process for the three candidates. If Cho does not proceed with the re-nomination, we will consider it a violation of the law regarding the court organization."He added, "We will not only ensure Cho's appearance as a witness on the 31st but will also carefully follow through with subsequent steps, including discussions on clarifying the court organization law if necessary."Chairwoman Seo also remarked, "The Democratic Party's concerns regarding the written nomination stem from the fact that the nominations were made without consultation with the presidential office. I hope that there will be sufficient discussions regarding other Supreme Court candidates to facilitate a swift re-nomination process."Furthermore, Kim expressed support for launching a special prosecutor law to uncover fabricated charges made by the prosecution during the Yoon Seok-yeol administration, stating, "We will discuss the specific timing with the party leadership."Seo noted that with the conclusion of the party convention and the formation of the party leadership, they plan to engage in serious discussions about the special prosecutor law for fabricated charges. She confirmed that there is a consensus within the party on holding the prosecution accountable for fabricated charges, stating, "Now that the leadership is in place, we will discuss this together. We will investigate any wrongdoing more thoroughly."* This article has been translated by AI. 2026-08-28 12:12:00
  • Construction Spending in South Korea Drops by 28.8 Trillion Won, Largest Decline Since 1998
    Construction Spending in South Korea Drops by 28.8 Trillion Won, Largest Decline Since 1998 Last year, domestic and international construction spending in South Korea fell by nearly 29 trillion won, totaling 335 trillion won. The decline rate of 7.9% marks the largest drop since the 1998 financial crisis, which saw a decrease of 12.9%. This downturn is attributed to a slump in the private construction market and poor performance in overseas projects.According to the "2025 Construction Industry Survey Results" released by the National Data Agency on August 28, the construction spending last year was 335 trillion won, a decrease of 28.8 trillion won from the previous year. Construction spending refers to the actual value of projects completed in the survey year.While construction spending increased by 1.3% in 2024 compared to the previous year, it reversed sharply last year. Domestic construction spending was 297 trillion won, down 18.8 trillion won (6.0%) from the previous year. Spending in the metropolitan area was 138.7 trillion won, a decrease of 12.1 trillion won (8.0%), while non-metropolitan areas saw a drop to 158.3 trillion won, down 6.7 trillion won (4.1%).Regionally, construction spending in Gyeonggi Province fell by 11.8% to 79.3 trillion won. Incheon experienced a 10.0% decline, while Seoul saw a slight increase of 1.3%, totaling 41.3 trillion won. In non-metropolitan areas, Sejong reported a 22.4% decrease, Daegu 19.9%, and Gyeongnam 12.5%.By type of work, construction spending on buildings, including apartments and offices, totaled 212.2 trillion won, down 18.4 trillion won (8.0%), accounting for most of the decline in domestic construction spending. Civil engineering projects, including highways and railways, decreased by 2.0% to 47.2 trillion won. However, industrial facilities increased by 2.3% to 30.1 trillion won.The downturn in the private sector was particularly pronounced. Private construction spending was 204.2 trillion won, down 21.5 trillion won (9.5%) from the previous year. In contrast, public sector spending rose by 2.7 trillion won (3.0%) to 92.5 trillion won, partially offsetting the decline in the private sector.Within the public sector, construction spending by central government agencies increased by 10.3%, local governments by 4.0%, and public organizations by 7.5%. However, spending on projects initiated by public enterprises decreased by 1.5%.By industry, specialized construction sectors saw a spending drop of 8.6% to 181.5 trillion won, which was greater than the 1.5% decline in general construction. Spending on fire protection systems fell by 12.2%, mechanical installations by 10.9%, and specialized construction by 10.3%.Overseas construction spending was 38.1 trillion won, down 10 trillion won (20.8%) from the previous year. Spending in the Americas decreased by 45.2%, Europe by 39.4%, and Asia by 23.5%. In contrast, spending in the Middle East increased by 5.8% to 16.7 trillion won.The total construction spending of the top 100 construction firms was 106.1 trillion won, an 8.2% decrease. Domestic spending saw a slight decline of 1.0%, while overseas spending plummeted by 20.1%. The top 100 firms accounted for 92.1% of total overseas construction spending.The number of construction companies with project records increased by 489 (0.5%) to 89,590, despite the significant drop in project volume.Last year, the total value of construction contracts was 307.1 trillion won, a decrease of 1.2 trillion won (0.4%) from the previous year. Domestic contracts increased by 4.0% to 277 trillion won, driven by a rise in building contracts, while overseas contracts fell sharply by 28.1% to 30.2 trillion won. Regionally, contracts in the Middle East dropped by 52.0%.* This article has been translated by AI. 2026-08-28 12:04:00
  • IDB Provides $700 Million Loan to POSCOs Lithium Project in Argentina
    IDB Provides $700 Million Loan to POSCO's Lithium Project in Argentina The Inter-American Development Bank (IDB) has extended a loan of approximately 700 million dollars to POSCO Holdings for its lithium mining and production operations in Argentina. This funding will enable POSCO to secure substantial working capital, expand its lithium production capabilities, and strengthen its supply chain for critical minerals.On August 28, the Ministry of Economy announced that IDB Invest, the private sector investment arm of the IDB Group, is providing the financial support for POSCO's lithium project in Argentina.IDB Invest is an international financial institution that offers loans, guarantees, and equity investments for private sector development projects in Latin America.With this funding, POSCO can stabilize its working capital and reduce financial costs through low-interest loans and tax benefits.The government views this financial support as a tangible outcome of the economic development agenda discussed during the President's recent visit to South America. It highlights the collaboration between Latin America's critical mineral resources and South Korea's technological and financial capabilities to diversify the lithium supply chain.The Korean Trust Fund also supported the feasibility review process for POSCO's project. This collaboration links multilateral development bank loans with the Korean Trust Fund to bolster domestic companies' initiatives in Latin America.On August 27, Moon Ji-sung, the Director-General for International Economic Affairs at the Ministry of Economy, met with James Scriven, President of IDB Invest, and other IDB Group executives to discuss expanding domestic companies' market presence in Latin America and potential follow-up cooperation.The Ministry emphasized the need to enhance cooperation that connects critical mineral resources in Latin America, such as lithium, with the technological expertise of domestic companies amid growing uncertainties in the global supply chain. IDB Invest also expressed its commitment to continue collaborating with Korean companies.The government plans to invest 150 million dollars in IDB Invest's third general capital increase. This plan was announced during the IDB annual meeting in March 2024, following a letter of intent submitted by the Deputy Prime Minister in December of last year.The government aims to leverage the Korean Trust Fund and the Korea-Latin America Business Forum to strengthen financial support and discover new business opportunities for domestic companies in Latin America.* This article has been translated by AI. 2026-08-28 12:04:00
  • Resident Foreign Currency Deposits Increased by $15 Billion in July
    Resident Foreign Currency Deposits Increased by $15 Billion in July Last month, resident foreign currency deposits in South Korea continued to rise for the fourth consecutive month.According to data released by the Bank of Korea on August 28, the balance of resident foreign currency deposits at foreign exchange banks reached $128.34 billion at the end of July, an increase of $15.01 billion from the previous month.Resident foreign currency deposits refer to deposits held by domestic individuals, domestic companies, foreigners residing in South Korea for more than six months, and foreign companies operating in the country.The increase in foreign currency deposits was primarily driven by dollar deposits and corporate deposits.By currency, dollar deposits rose by $11.12 billion, while euro and yen deposits increased by $2.22 billion and $1.5 billion, respectively.The rise in dollar deposits was attributed to large corporations receiving payments, inflows of funds for foreign bond issuance by securities firms, and pre-purchases of dollars due to a decline in the exchange rate.Euro deposits increased due to some companies receiving payments, while yen deposits grew from deposits made for dividend payments by certain companies and inflows for foreign bond issuance by securities firms.By category, corporate deposits totaled $112.56 billion, up $13.57 billion, while individual deposits reached $15.7 billion, an increase of $1.44 billion.Among these, corporate dollar deposits amounted to $96.99 billion, reflecting an increase of $10.11 billion from the previous month.* This article has been translated by AI. 2026-08-28 12:04:00
  • Korean SMEs Partner with Garden Grove to Expand U.S. Market Access
    Korean SMEs Partner with Garden Grove to Expand U.S. Market Access The Korea SMEs Association has partnered with the city of Garden Grove, California, to establish a business model aimed at assisting Korean small and medium-sized enterprises (SMEs) in entering the U.S. market.On August 27, local time, the Korea SMEs Association announced that it signed a memorandum of understanding with Garden Grove at the city’s police department to support the entry of Korean SMEs into the U.S. market through the revitalization of the Korean business district.Garden Grove, located in Orange County, is home to over 100,000 Korean residents, accounting for 42% of the city’s total population. The city is also near major tourist attractions like Disneyland, contributing to a vibrant local economy centered around food, dining, and tourism.The Korea SMEs Association recognized the strengths of Garden Grove’s Korean business community and its supportive industrial base for food, fashion, and daily goods. This partnership marks the first memorandum of understanding between the association and a U.S. city government, focusing on mutual cooperation in areas such as supporting Korean SMEs in the U.S. market, promoting the Korean business district in Garden Grove, and establishing business networks between the two organizations.Following the agreement, the Korea SMEs Association presented a plaque declaring Garden Grove as a 'K-Food & K-Goods Friendly City' in appreciation of the city’s efforts to promote the K-Food industry and to express its commitment to future collaboration.Kim Ki-moon, president of the Korea SMEs Association, proposed the establishment of a 'Korea Desk' in Garden Grove to support SMEs looking to expand across California and the U.S. He also requested the creation of a space for showcasing and selling outstanding SME products and suggested hosting a 'Korean Product Exhibition' at the end of the year, allowing local consumers to experience a variety of Korean products firsthand.Garden Grove Mayor Stephanie Clopfenstein responded positively to the Korea SMEs Association's proposal, stating, 'Utilizing the strengths of the Korean community in our city is a great idea to inject new vitality into the local economy.'* This article has been translated by AI. 2026-08-28 11:40:00
  • JTBC Begins Corporate Rehabilitation Process Amid Central Group Liquidity Crisis
    JTBC Begins Corporate Rehabilitation Process Amid Central Group Liquidity Crisis The Seoul Rehabilitation Court decided on August 28 to initiate corporate rehabilitation proceedings for JTBC.The court's second division, led by Chief Judge Jeong Jun-young, announced the conclusion of JTBC's Autonomous Restructuring Support (ARS) process and the decision to commence rehabilitation proceedings.The court cited several factors for its decision, including the growth of online video services (OTT) following the COVID-19 pandemic, rising production costs such as talent fees and labor, and a shrinking broadcast advertising market. It also noted significant expenditures related to Olympic broadcasting rights and a liquidity crisis affecting the entire Central Group.The court opted not to appoint a separate administrator, allowing the current management team to remain in place. However, it included a condition that management could be replaced if any wrongdoing is identified.The deadline for submitting the list of creditors is set for October 8, with the period for creditor claims running until November 6.The creditors' council will consist of the company's major creditors, and a Chief Restructuring Officer (CRO) appointed based on recommendations from the council will oversee the company's financial management.The deadline for submitting the rehabilitation plan is January 29 of next year.Earlier in July, JTBC applied to the court to initiate rehabilitation proceedings, expressing a desire for the ARS process, which the court accepted, postponing the decision on rehabilitation.JTBC stated, "After several discussions, we concluded that initiating the rehabilitation process would be more effective for protecting creditor interests. Therefore, we did not apply for an extension of the ARS, leading to the decision to commence rehabilitation proceedings."The financial crisis at Central Group began when JTBC declared a default in June after failing to repay 20.6 billion won in liquidity loans.With the initiation of JTBC's rehabilitation process, five affiliates of Central Group, including JoongAng Holdings, Contentree JoongAng, JoongAng P&I, and Megabox JoongAng, will also undergo rehabilitation proceedings. JoongAng Ilbo has received a decision to commence a corporate restructuring workout.* This article has been translated by AI. 2026-08-28 11:36:00