June 20, 2017 11:34
Korean Air has opened the country's biggest privately owned marina in Incheon on 98,000 sq.m of reclaimed land capable of mooring 300 yachts.
The marina is a joint project between Korean Air and the Incheon city government to develop the area into a venue for water sports.
Korean Air spent W155 billion on the project, which neighbors a popular beach (US$1=W1,134).
Incheon used the marina as a regatta venue during the 2014 Asian Games in the city, but the public opening stalled when auditors accused Korean Air of accepting W16.7 billion in investments from the Incheon Free Economic Zone Authority, prompting Incheon city to threaten to withdraw its own share.
Under Asian Games rules, state-owned entities are prohibited from investing in private sector-funded facilities. But Korean Air insisted the investment was part of the contract terms.
Last year, Incheon city backed down, so now the marina can finally open to the public.
A Korean Air spokesman said, "We plan to invest another W200 billion in hotels and shopping facilities as well as a boat repair yard and club house."
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