Conditions for Rent Concessions and Contract Termination Risks in the Eumseong Foreign Investment Zone
First written in FY2024-Q2. 1 of 3 entries say "Restated". Latest entry: FY2025.
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- FY2025MaterialisedAnnual report
「The description of the contract to establish operations in the Eumseong foreign-invested zone has been deleted following termination of the contract.」
The contract termination risk for the Eumseong foreign-invested zone in the event of failure to fulfil the investment plan, among other circumstances, materialised as the contract being terminated. - FY2025-H1RestatedAnnual report
「The rent reduction provision states that the land rent will be reduced if foreign investment funds exceed US$6,008,714 by 7 March 2029. The contract may also be terminated if the foreign-investment plan set out in the factory establishment project agreement submitted with the application to establish operations is not fulfilled, or if the company is not registered as a foreign-invested company, among other circumstances.」
The company continues to disclose the rent reduction condition for the Eumseong foreign-invested zone, namely foreign investment funds exceeding US$6,008,714 by 7 March 2029, as well as the possibility of contract termination if the investment plan is not fulfilled, among other circumstances. - FY2024-Q2First statedAnnual report
「The rent reduction provision states that the land rent will be reduced if foreign investment funds exceed US$6,008,714 by 7 March 2029. The contract may also be terminated if the foreign-investment plan set out in the factory establishment project agreement submitted with the application to establish operations is not fulfilled, or if the company is not registered as a foreign-invested company, among other circumstances.」
Regarding the lease of land in the Eumseong foreign-invested zone, rent reductions are available if foreign investment funds exceed US$6,008,714 by 7 March 2029. On the other hand, failure to fulfil the investment plan or failure to register as a foreign-invested company could result in contract termination and the incurrence of restoration costs, among other liabilities.