FSS chief slams Taeyoung's 'insufficient' self-rescue efforts

Taeyoung Engineering & Construction (TEC) is a South Korean construction company that has been struggling financially in recent years. In an effort to address its financial difficulties, TEC announced a set of self-rescue plans on January 2nd, 2023. However, these plans have not been well received by the Financial Supervisory Service (FSS), the head of South Korea's top financial authority.

During a New Year's press conference at the FSS headquarters in Seoul on January 4th, 2023, FSS chief Lee Bok-hyun criticized TEC's self-rescue efforts, saying they fell far short of expectations. He urged the company to come up with a new plan within the week.

It is not clear what specific aspects of TEC's self-rescue plans were deemed insufficient by the FSS. However, it is likely that the FSS was looking for more concrete and actionable steps from TEC to address its financial difficulties.

TEC has been struggling financially due to a number of factors, including declining construction projects and increased competition in the industry. In recent years, the company has also faced criticism from shareholders and other stakeholders for its management practices and corporate governance issues.

It is unclear what the future holds for TEC and whether it will be able to successfully implement a new self-rescue plan with the support of the FSS. However, it is clear that the company will need to take significant action to address its financial difficulties if it hopes to survive in the long term.