National Pension Service’s Jeju Dream Tower investment questioned
The National Pension Service has been revealed to be one of the largest investors in Lotte Tour Development, the company behind the Jeju Dream Tower and the attached casino.
The National Pension Service gradually increased its stake in the company from 6% (as recorded in December 2019) to 10%.
Various Korean civil society organisations questioned the decision to invest in a private company engaging in the casino business, especially since Lotte Tour Development is struggling.
The company reported a 99% drop in revenue for Q2, and its stock trading was suspended between August 18 and September 4.
Jeju Dream Tower, expected to open its doors next month, is to be the largest resort complex in Jeju, costing KRW1.6 trillion ($500 million) and it’s widely speculated that Lotte Tour Development relies on the resort’s success.
The civil organisations submitted an open letter to the National Pension Service, saying, “when considering the negative effects the gambling industry has on the people, it is an act that severely undermines the public character of the organisation and destroys public trust in the National Pension Service.”
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