Kangwon Land CEO resigns

The CEO of Kangwon Land Inc., which runs the only resident-only casino in South Korea, Kangwon Land, has resigned.

At a business meeting in April 2021, Lee Sam-Geol, who had been appointed for a three-year term, tendered his resignation. The remote highland resort known as Kangwon Land aims to provide financial support to the people living in the area, which was once a mining zone.

Amidst the company’s problems, Lee tendered his resignation, hoping the remaining staff would put in more effort to preserve the company’s legacy. Legislators, prominent members of the community, and even company employees have reportedly demanded that he step down, citing issues including his alleged lack of communication and disdain for neighborhood small businesses.

On December 5, Choi Cheol-Gyu, a former advisor in the Office of the President of the Republic of Korea, is expected to be named vice president of Kangwon Land Inc. during a shareholder meeting.

In June, the government’s annual “public organization performance evaluation” gave Kangwon Land Inc. a “D” grade—the lowest mark the firm has ever received.

Review findings included the resort’s lack of customer-drawing content, labor cost inefficiencies, workplace bullying and sexual harassment, and staff recruitment corruption. The company was penalized KRW3.23 billion (US$2.5 million) for 182 anti-money laundering infractions in the same month.

Orignal story by: GGRAsia