[비즈한국] It has been confirmed that Sambu Construction001470, Korea’s first licensed construction company, has recently had its assets and receivables provisionally attached by numerous subcontractors and outsourcing firms that have not received payments for construction-related services. Sambu Construction has seen its financial difficulties deepen, recording operating losses for three consecutive years since 2021, and this fiscal instability is now spreading to its external business partners.
According to industry sources, Sambu Construction has recently had its real estate and receivables provisionally attached by multiple subcontractors and outsourcing partners. Companies that performed construction work or supplied necessary equipment and materials without receiving payment have turned to the courts to freeze the firm's assets to secure their outstanding dues. The attached receivables are primarily identified as construction payments for public works projects being carried out by Sambu Construction. In October of this year alone, six companies (as of the 7th) filed for provisional attachment of Sambu Construction’s receivables and real estate, citing unpaid debts (totaling approximately 1.6 billion won).
An official from a subcontractor that provisionally attached Sambu Construction's receivables in September this year lamented, "We performed window installation work at a residential-commercial development site in Seoul and have not been paid for a year." An official from another subcontractor that also sought a provisional attachment added, "We have not received payment for leakage repair work performed at an apartment construction site in Gyeonggi-do."
Sambu Construction is currently suffering from severe financial distress. According to its business reports, the company's operating losses grew from 4.1 billion won in 2021 to 82.2 billion won in 2022 and 85.9 billion won last year. With an operating loss of 48.9 billion won recorded in the first half of this year, it is projected that the annual deficit will hit a record high. The company's accumulated deficit currently stands at 256.7 billion won, and short-term borrowings maturing within one year amount to 171.2 billion won. In August, Samil PwC, which reviewed the firm's first-half financial statements, issued a disclaimer of opinion.
Sambu Construction holds the status of Korea's first construction firm. Founded in April 1948, it became the first company in the country to receive a civil engineering and construction license in March 1965. Since then, it has engaged in major civil engineering projects such as the Gyeongin and Gyeongbu Expressways and Seoul Subway Line 1, while carrying out housing and building projects centered around its own housing brand, 'Renaissance.' While the company was ranked in the top 10 for construction capacity until the 1970s, its ranking has since plummeted to 71st.
The largest shareholder of Sambu Construction is DYD219550, which holds an 11.49% stake. DYD acquired management rights in February last year by purchasing an 8.85% stake from existing shareholders for 70 billion won. Previously, Sambu Construction had entered court receivership in 2015 due to management insolvency before being sold to a Hyurim Robot090710 consortium in 2017. DYD is a Korean cosmetics manufacturer that had only 3.4 billion won in equity capital at the time of the acquisition. In May last year, shortly after the acquisition, Sambu Construction’s stock price surged after it was categorized as a "Ukraine reconstruction" themed stock.