Political turmoil in South Korea threatens to unravel Universal park plans
by Tom Anstey | 25 Nov 2016
There are fears that Choi Soon-sil might have influenced the President’s decision to revive the Universal park project
Plans for a Universal Studios development in South Korea have been severely hampered after political scandal surrounding President Park Geun-hye led to uncertainty over the government and its related businesses.
The President is currently fighting to retain her place at the head of government after it was revealed that close friend Choi Soon-sil, dubbed the “shadow President”, had been acting as a secret advisor, with many believing her to have huge influence over Park despite never officially holding a position in government.
The Universal project was already in jeopardy over funding problems, with its consortium of Korean and Chinese investors behind the project divided over how to finance the mega development.
The state-run Korea Water Resources Corporation (K-Water) selected the consortium, which is made up of companies from both China and Korea, with Daewoo Engineering & Construction and Dohwa Engineering of Korea, Hong Kong-based China Travel Service, and China’s largest construction company the China State Construction Engineering Corporation comprising the group.
Doubts over the financial capabilities of Korea Development Bank, the main creditor to Korea’s troubled shipbuilding and shipping companies, were first raised in August. In addition to funding problems, there are fears among many that Choi Soon-sil might have influenced the President’s decision to revive the Universal park project.
“For us to make investment-in-kind, we need administrative aid from the Ministry of Land, Transport and Maritime Affairs, and the Ministry of Strategy and Finance,” said a K-Water official, speaking to Korea Bizwire. “But current conditions make that highly improbable.”
South Korea theme park Universal choi-gate Choi Soon-sil30 Aug 2016
South Korea's Universal theme park plans in jeopardy over funding problem
22 Dec 2015
New life breathed into South Korea's multi-billion dollar Universal theme park plan
Plans for a Universal Studios development in South Korea have been severely hampered after political scandal surrounding President Park Geun-hye led to uncertainty over the government and its related businesses. The President is currently fighting to retain her place at the head of government after it was revealed that close friend Choi Soon-sil, dubbed the “shadow President”, had been acting as a secret advisor, with many believing her to have
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