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HDC Hyundai Development Company Announces Additional Countermeasures for Hwajeong Accident in Gwangju

Once again, I offer my sincere apology to all the victims of the Gwangju accidents, their families, and the Korean people.

It has been four months since the accident in Hwajeong-dong, Gwangju, and I would like to apologize once again for failing to show any discernible accident control procedures, besides the damage compensation made to the bereaved families of the workers who passed away.

Since the rescue operation for missing persons held in February, there have been continuous talks for damage compensation toward prospective occupants and surrounding shopping area retailers, but the anxiety level of the prospective clients had grown larger and uncertainty continued for the company, so little progress has been made in terms of the trust in and recovery of company values. Stories of how clients struggle to get sound sleep after the accident due to concern broke my heart as well.

Accordingly, HDC Hyundai Development Company will demolish all eight buildings in Hwajeong-dong as the prospective occupants requested, and rebuild IPARK. HDC Hyundai Development Company believes that the value of the company’s existence holds no meaning without the clients’ and people’s trust and safety.

We will continue to make safety our priority, and build trust between us and our clients to make IPARK their most treasured property. Even when the trust in safety is put into jeopardy, we will keep all promises made to our clients at the risk of the company’s loss.

HDC Hyundai Development Company will become a brand new company to fundamentally relieve all feelings of insecurity harbored by all IPARK clients and the Korean people, and recover credibility within the market.

We will work to the best of our ability so that our IPARK clients can live their entire lives in peace, and we pledge to contribute to the development of the national economy as a company that makes its clients’ safety and social value a top priority.

Lastly, I once again extend my apology to everyone who suffered damages due to the Gwangju accidents, and to all Korean people.

Thank you.