Kolon deeply apologizes for tragic collapse accident

Chairman Lee Woong-yeol of Kolon Group, which operates Mauna Ocean Resort in Gyeongju City, North Gyeongsang Province, went to the accident site immediately after he was reported about the collapse of the resort`s gym.

At 9 a.m. Tuesday at the site, Lee read a letter of apology, "I pray for the bliss of the dead and deeply apologize to the bereaved. I feel strongly responsible for having caused anxiety to the public." In the afternoon, Lee visited the hospital where temporary memorial altar was set up for condolence.

According to insurance industry sources, students can receive just 600 million won (563,060 U.S. dollars) collectively from insurance subscribed by the university or the resort, excluding the insurance policies students subscribed individually. Mauna Resort is subscribed to liability insurance with a 100 million won (93,843 dollars) ceiling for payment to the deceased and injured. The insurance subscribed by the Busan University of Foreign Studies allows payment up to 500 million won (469,219 dollars) per accident.