Do not go gentle into that good night, old age should burn and rave at close of day; Rage, rage against the dying of the light, though wise men at their end know dark is right, because their words had forked no lightning they, do not go gentle into that good night.
BOK faces further delay in building new head office
An artists portrayal of the Bank of Korea's new head office / Korea Times file
By Jhoo Dong-chan
By Jhoo Dong-chan
The construction of the Bank of Korea (BOK)'s new head office won't start in the near future due to a legal issue between the procurement office and bidding builders, the central bank said Sunday.
Due to the delay in building the central bank's new headquarters, the BOK will spend more taxpayers' money to rent temporary offices than previously estimated.
According to the BOK, the Seoul Central District Court ruled Thursday in favor of Kyeryong Construction Industrial's injunction demanding its rights as the Public Procurement Service's (PPS) first bid winner.
Samsung C&T, a rival that had competed with Kyeryong for the project, filed a complaint with the Board of Audit and Inspections (BAI) earlier this year, claiming Kyeryong was named as an “unlawful business entity” by a public institute but the PPS selected the firm as a preferred bidder anyway.
The BOK limits builders in this category from submitting a bid in BOK-led projects.
In April, the BAI accepted Samsung C&T's claim, and following this, the PPS nullified the first bid and announced a re-tendering process for the construction project May 10.
Protesting the decision, Kyeryong immediately submitted a provisional injunction with the court.
Samsung C&T also asked the Seoul Central District Court earlier this month whether Kyeryong was still entitled to be a preferred bidder for the project. The court sided with Kyeryong last week.
The BOK planned to celebrate its 70th anniversary June 12 next year by moving into the new headquarters. This now appears in doubt due to the legal battle.
Considering the project will take at least 30 months, the BOK is expected to move into by 2023 at the earliest.
The central bank is currently leasing the Samsung Life building on Taepyeong-ro, central Seoul. It reportedly pays about 1.3 billion won ($1.1 million) for rent every month.
The BOK has paid more than 30 billion won in rent since it moved into the building, and is expected to pay about 39 billion won more by the time it moves into the new headquarters.
“The cost is unexpected,” said a BOK official.
“We are reviewing our options including putting in a claim for damages against the PPS. This will help cover the rent.”