A second substantial property at the Jeju Science Park has been put up for auction after the company that owned it went bankrupt. As Mike Balfour now reports, science park employees are now a bit on edge.



Report

The headquarters of the On Corporation was established on the island in 2014.

The home appliance manufacturer produced outstanding results in achieving a goal of 300 million dollars in exports.

However, sales plummeted after it moved to the island.

Finally, it declared bankruptcy after failing to repay 150 billion in bank loans.

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On Corporation declares bankruptcy

The company’s property went up for auction. The court auction took place today (April 17).

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Property appraised at \38.4b

Analysts estimate the value of the property, including 80,000 square meters of land and a four story building, at around 38.4 billion won.

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Second bankruptcy in Jeju Science Park after Moneual

The On Corporation is the second insolvency among firms that have moved into the Jeju Science Park. The Moneual company went bankrupt and its executives were charged over a 3 trillion won fraud.

Workers at the science park feel uneasy after two of their neighbor companies have gone under and their property put up for court auction.

They have concerns that the science park will be in name only if firms keep disappearing.

INTERVIEW
Employee of Jeju Science Park firm
Moneual, the On Corporation, Est Soft and Kakao were the biggest firms in the science park. Two of them are gone now. The buildings are empty except for one or two janitors.
<인터뷰 : 첨단과학기술단지 이전기업>
"모뉴엘하고 온코퍼레이션, 이스트소프트, 카카오가 제일 컸죠. 파산했으니까 비어있죠. 관리인 한두 명 있을지 몰라도 업무 안 한지는 좀 됐어요."

INTERVIEW
Employee of Jeju Science Park firm
The firm went bankrupt for alleged insurance fraud. It’s ugly.
<인터뷰 : 첨단과학기술단지 이전기업>
"보험 사기로 파산하니까 이미지가 좋지 않죠. "

[Reporter] Mike Balfour
[Camera] Kim Yong-min

As some companies that recently relocated to the Jeju Science Park are known to have financial difficulties, workers’ unease is growing.

Mike Balfour, KCTV