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Democracy Group Buys New Headquarters

Posted July. 04, 2006 03:38,   


The People`s Solidarity for Participatory Democracy (PSPD) reportedly bought a 150-pyeong (approximately 496 square meters) site for a new office building in 132 Tongin-dong, Jongno-gu, Seoul at 2.46 billion won at the end of May.

A famous Korean restaurant was located on the site some time ago and removal of the restaurant building is currently underway. The PSPD is about to file a construction report and planning to begin the construction this month. If everything goes as planned, the PSPD will be able to move into the new building in November this year.

Director-general for cooperation Kim Min-young said, “We raised the fund to buy the site from 1.2 billion won from saving, 500 million won contributed by PSPD members, and 800 million won from bank loan. 500 million won budget needed for constructing a building will be raised by additional bank loan and donation.”

The PSPD said, “Some media reported that the PSPD raised 2.5 billion won from corporate sponsorship for a new building site. That was not true. We raised only 0.19 billion won from the sponsorship.”

The civic group hosted a “fund-raising night for the PSPD’s new house” and sent invitation attached with a written contract to 850 listed companies and 3,500 individuals.

At that time, some criticized the PSPD for holding the event because the group was about to investigate management inheritance irregularities regarding 38 local conglomerates.

The PSPD has rented a building and used it for its headquarters in Anguk-dong, Jongno-gu Seoul. The building owner recently decided to rebuild it and asked the civic group to move out. Since then, the PSPD has been searching for a new place.

The 5-story new building with one-story underground is currently being called “Street Number Hope.” The building will have not only main offices for the PSPD but also an auditorium, and an education hall that can be used by other civic groups for holding press conferences, lectures, and cultural events.