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Finance Minister Choo Kyung-ho answers questions at a parliamentary session on Sept. 21/Yonhap |
South Korea’s Finance Minister Choo Kyung-ho will hold an emergency meeting with the country’s central bank governor and major financial regulators on Sunday to discuss ways to curb market turmoil stemming from defaults related to Legoland theme park construction. is going to open.
According to the Finance Ministry, the session follows the city government’s default on a guarantee debt worth 205 billion won ($143 million) raised to finance the construction of Legoland Korea amusement park in Gangwon Province. It is held amid heightened volatility in financial markets.
It is to assemble the governor of the Bank of Korea, Lee Chang-yong. Kim Ju-hyun, chairman of the Financial Services Commission. Financial Supervisory Service Director Lee Bok-hyun. President Choi Sang-mok, senior economic secretary.
Late last month, Iwon Jeil Cha, a special-purpose company set up by Gangwon Middle-do Development to finance the construction of the resort, failed to pay its debts. It was then finally listed as bankrupt earlier this month.
In response to growing concerns about a potential credit crunch and market volatility, the monetary authorities have announced plans to use the Bond Market Stabilization Fund to provide liquidity.
The amusement park opened in May in the city of Chuncheon, 75 kilometers northeast of Seoul. (union)
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