SEOUL, Prime Minister Han Duck-soo on Sunday urged Taeyoung Engineering and Construction Co. to come up with a more drastic self-rescue plan to tide over its cash crunch. Taeyoung, the 16th-largest builder in South Korea in terms of construction capacity, applied for a debt restructuring program last month due to a liquidity shortage over real estate project financing (PF) loans. Taeyoung Group founder Yoon Se-young unveiled a self-rescue plan Wednesday, but creditors led by the state-run Korea Development Bank (KDB) evaluated the measure as insufficient and requested additional measures by the end of the weekend. The headquarters of Taeyoung Construction and Engineering in Yeouido, western Seoul, is seen on Jan. 3, 2024. In an interview with public broadcaster KBS, Han pressed Taeyoung's management to do more to persuade the creditors and draw public consensus that the company has done enough to overcome the crisis. Han said the government has been closely monitoring potential risks in real estate proj ect financing (PF) loans since last year. An official at TY Holdings, the holding company of Taeyoung Group, told Yonhap News Agency the company is still deliberating but that it is unlikely to come up with additional measures before the end of the weekend. "We don't have many options, but we are grappling to find measures to dispel concerns of the government and creditors," the official said. The finance ministry has announced plans to expand its liquidity program to minimize the potential impact of Taeyoung's debt crisis on the financial market and the wider economy. Currently, the government operates 85 trillion won (US$65.96 billion) as a tool to stabilize the financial market. As of September last year, Taeyoung's debts were estimated at around 1.9 trillion won, with its debt-equity ratio reaching 479 percent. Source: Yonhap News Agency Mukdahan, Surasak Montri Army officer Seized 18 pieces of rosewood in the middle of the night, hidden on the banks of the Mekong River. Prepare to send to neighboring countries Surasakmontri Armed Forces Officer Integrate with security officials in the area and police from Wan Yai Police Station, Mukdahan Province, bringing forces to the area to investigate. Area along the Mekong River Ban Bang Sai Noi, Village No. 1, Bang Sai Noi Subdistrict, Wan Yai District, Mukdahan Province, after receiving reports from news sources that there would be rosewood smugglers. Send to investors in neighboring countries Initially, a group of 8-10 people was found preparing to transport rosewood from a cart. To get into the long-shafted boat that was waiting. On the banks of the Mekong River The officers then showed up to search. But when a group of people saw an official Relying on the darkness and being skilled in the area, he was able to run and escape. The boat has a long shaft. Be alert as well. Drive towards neighboring countries. From the investigation of the scene Found 18 pieces of rosewood, 1 single-cab pickup truck, 3 wheeled carts worth over 500,000 baht. After that, officials took all the seized items. returned to be kept at the base of operations and sent to the forest protection unit To measure the wood volume carefully again. Single section of pickup truck Officials will follow up with the owner to inquire. To find the perpetrators and take legal action. Source: Thai News Agency