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HDC Hyundai Development fined 635 mln won for violating subcontract law

All News 12:00 January 10, 2019

SEJONG, Jan. 10 (Yonhap) -- South Korea's antitrust watchdog said Thursday that it has fined HDC Hyundai Development Co. 635 million won (US$568,000) for violating subcontract law.

HDC Hyundai Development delayed paying 19.6 billion won to 158 subcontractors between July 2014 and April 2016, but it failed to pay them overdue interest worth 337 million won, according to the Fair Trade Commission.

Under the law, a principal contractor is required to pay interest to its subcontractors if it pays their fees 60 days after the delivery of goods or 15 days after receipt of payment from the project owner.

HDC Hyundai Development is also accused of not having paid commission worth 93.6 million won to 138 subcontractors.

This file photo shows the main office of the Fair Trade Commission in Sejong, an administrative hub located 130 kilometers southeast of Seoul. (Yonhap)


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