Latest news with #ParkYong-kab
Korea Herald
28-03-2025
- Politics
- Korea Herald
Safety risk at deadly sinkhole site mentioned in 2023 report
Officials were warned of risks in the area in Seoul where a sinkhole opened up earlier this week, killing one person, according to a report submitted Friday to Rep. Park Yong-kab of the Democratic Party. A substantial portion of the subway fault zone -- referring to where a fault crosses a subway tunnel -- near the sinkhole site was found to have subsided due to weight, according to the report, which assessed safety matters related to the extension of Subway Line No. 9. It was commissioned by the Seoul Metropolitan Government and conducted in 2023 by an independent party. The report advised officials to exercise particular caution regarding construction in this area because of the large-scale subsidence, or depression in the ground surface. Assessing the likelihood of the ground sinking, the report assigned the fourth-highest risk grade out of five to the area, also citing the presence of water pipes and an inflow of groundwater. It was revealed Wednesday that the Seoul government categorizes each region in the city in accordance with the local risk of ground sinking. Officials said the regions and their grades could not be disclosed due to the risk of panic among residents.
Korea Herald
17-03-2025
- Business
- Korea Herald
Reinforcing construction firms accountability, high-tech strategic industries
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed. Proposed Bill: Partial Amendment to the Construction Technology Promotion Act Proposed by Rep. Park Yong-kab (Democratic Party of Korea) ● This amendment requires the quarterly disclosure of construction firms where fatal industrial accidents have occurred, aiming to enhance the accountability of firms and encourage them to strengthen safety measures at construction sites. Proposed Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Kim Sang-hoon (People Power Party) ● This amendment aims to curb stock volatility driven by widespread fictitious subscriptions and short-term trading by institutional investors. It enables a pre-investment survey to gauge investors' interest in initial public offerings and introduces the Cornerstone Investor Program, which pre-allocates publicly offered shares to institutional investors who commit to holding them for a set period. Pending Bill: Partial Amendment to the Housing Act Proposed by Rep. Han Jun-ho (Democratic Party of Korea) ● Amid rising disputes over construction cost increases due to soaring material costs, this amendment grants housing remodeling associations the right to request verification of construction costs for renovation projects from the Korea Real Estate Board, the Korea Land and Housing Corporation, or local public corporations. Promulgated Bill: Enforcement Decree of the Act on Restriction on Special Cases Concerning Taxation Competent Authority: Ministry of Economy and Finance ● This bill broadens the scope of new growth, source technologies, national strategic technologies eligible for tax credits on research and human resource development expenses, aiming to strengthen support for high-tech strategic and prospective future industries. Administrative Announcement: Partial Amendment to the Enforcement Decree of the Act on the Improvement of Urban Areas and Residential Environments ● To accelerate reconstruction and redevelopment projects, this amendment requires local governments to notify the reconstruction inspection implementation plan within 30 days of receiving an inspection request, without conducting on-site inspections.
