Jungheung Group
Open-knowledge reference entry
Jungheung Group (Korean: 중흥그룹) is a construction conglomerate based in South Korea. Jungheung construction projects have included rental apartments and public housing.
History
In 2015, the CEO of Jungheung Construction (Jung Won-joo) was arrested on "the suspicion of raising slush funds."
In 2019, Jungheung Group secured 47.8 percent of the Herald Group.
Although it canceled its initial bid, Jungheung was selected by the Korea Development Bank to acquire Daewoo E&C after offering a reduced 2.1 trillion won in July 2021. The move was condemned by the Daewoo E&C labor union. In December, Jungheung agreed to purchase the controlling stake. Jungheung promised Daewoo E&C independent management but refused to sign the Daewoo E&C union's request for a written agreement. The union protested, rallying in front of Jungheung's headquarters. In February 2022, the union reached an agreement with Jungheung management and stopped protesting. By March, various Jungheung executives and relatives of the Jungheung vice chairman were appointed as leaders of Daewoo E&C.
In 2023, the Fair Trade Commission (South Korea) found that Jungheung had the most owner family members as unregistered board executives among conglomerates in the country.
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This entry incorporates text from “Jungheung Group” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.