POCOG (PyeongChang Organizing Committee for 2018 Olympic and Paralymic Games) believes that the 2018 Olympic Winter Games will not be adversely affected by Alpensia’s recent financial difficulties as reported in the newspaper on Nov. 30, 2012.
The grounds for this assertion are as follows:
1. Alpensia is owned and operated by Gangwon Development Corp. that was founded in accordance with local development laws for public business enterprise. The Gangwon provincial government is the sole investor of the corporation. Under Article 79 of the Local Public Enterprises Act, the national government may provide financial aid in order to facilitate smooth operation of the business.
2. POCOG is aware that the latest financial crunch experienced by Alpensia stems from its failure to sell vacation homes and condominiums in the resort. However, POCOG is also positive that Gangwon Province will do all it can to solve this problem. A case in point is the emergency taskforce recently established by Alpensia in conjunction with the Gangwon provincial government and organizations representing various businesses in the region.
3. In any case, the Olympic Games will NOT be affected adversely by Gangwon Development Corp.’s financial status since all sport venues at Alpensia are owned by Gangwon Province.
4. Under any circumstances, POCOG will make sure that all conditions pledged by Alpensia, in terms of accommodation, will be carried out as promised.
Minji Kang
POCOG spokesperson