Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Debate over Yanghwa Bridge heats up
By Lee Hyo-sik
Yanghwa Bridge, which has been under renovation to allow large ships to pass under it, has emerged as a contentious issue, pitting candidates in the Oct. 26 Seoul mayoral by-elections.
Renovating the bridge, which connects Mapo-gu on the north side of the river to Yeongdeungpo-gu on the south side, is one of the “Han River Renaissance” projects spearheaded by former Seoul Mayor Oh Se-hoon. Oh representing the governing Grand National Party (GNP) resigned from the mayoral post late August after failing to attract enough votes to nullify a free school lunch program.
Waste of taxpayers’ money?
Park Won-soon, a lawyer-turned-activist from the liberal camp, opposes the reconstruction scheme, demanding Seoul city immediately halt it. He said the project destroys marine environment on the Han River and is financially infeasible.
In contrast, Na Kyung-won, the GNP’s Seoul mayoral contender, sides with the city government, saying that the scheme should continue in order not to waste the tens of billions of won in taxpayers’ money already spent to change the structure of the bridge.
The renovation began in February 2010 to widen the space between bridge posts of the section to 112 meters from the previous 42 meters so that large-sized cargo ships and cruisers weighing up to 6,000 tons could pass under it.
Suspended twice as the Seoul Metropolitan Council opposed the Seoul Metropolitan Government’s plan to use the river as logistics and tourism purposes, the construction is currently ongoing.
The council turned down the city’s request for funds to be funneled into the reconstruction. But former Mayor Oh mobilized reserve funds to continue it.
Song Ho-chang, a spokesman for Park’s election camp, said Sunday that the bridge renovation should immediately be halted, urging the Seoul city to stop wasting taxpayers’ money.
“Former mayor Oh’s Han River Renaissance project lacks economic feasibility and public merit, not to mention it causes severe damage to the environment. The city council, civic groups and many residents oppose the scheme. So the city must suspend the reconstruction and let the incoming mayor decide the next step forward,” Song said.
The spokesman even warned that if Park is elected as mayor, those leading the project will be held accountable.
Too late to stop?
In defiance, the city government is determined to finish the construction, saying 31.8 billion won has already been funneled into the renovation and that this is enough taxpayers’ money to make it too late to even consider giving it up.
“Of the 41.5 billion won allocated for the bridge reconstruction, 31.8 billion won has already been used. We can complete the renovation with another 10 billion won. At this point, it is unreasonable to stop the project,” a city official said.
He also said if the scheme is stopped, the builders and other contractors will sue the city for breach of contract, stressing it makes more sense economically to complete the project.
The GNP’s Seoul mayoral candidate Na has sided with the city government.
“Public projects should be pursued and utilized to create value for the public,” Na said during Sunday’s press conference held at the GNP headquarters, indicating that the bridge renovation, which is almost 80 percent completed, should be allowed to finish.