The Korea Eximbank said on Sunday it will provide $1.2 billion in financing to Saudi Power Company, a state-run electricity provider in Saudi Arabia, to help Korean companies expand their presence in the Middle Eastern country. The loan, guaranteed by the Saudi government, is the largest single financing deal for a Korean company in the Middle East since 2016, the bank said. The funds will be used for the construction of a 2,400-megawatt power plant in the city of Sudair, about 100 kilometers northwest of the capital Riyadh. The project, worth $2.4 billion, is being led by Korea Electric Power Corp., or Kepco, which is working with Saudi Arabia's Acwa Power. Eximbank said it expects the deal to create business opportunities for Korean companies, including construction and equipment supply. The deal comes as Korea is seeking to strengthen economic ties with Saudi Arabia under a $30 billion economic cooperation program launched in 2022. The two countries agreed to expand cooperation in areas such as energy, infrastructure and defense. Eximbank has provided a total of $4.7 billion in financing for projects in Saudi Arabia since 2010. The bank said it will continue to support Korean companies doing business in Saudi Arabia. The deal was signed in Riyadh on Sunday by Eximbank's president, Yoon Hwan-jong, and Saudi Finance Minister Mohammed Al-Jadaan. The two sides also agreed to discuss ways to further expand economic cooperation between the two countries.

After 12 years, the “Eungseong Brothers’ Tragedy” has faced a court hearing. The former chairman of the Eungseong Group, Jecheonjun Eungseong, who had clashed with his brother, Jaecheon Eungseong, testified in court that he sought retribution against his sibling. During a hearing on the 21st, Jaecheon Eungseong appeared as a witness in the case against his former chairman, who had accused him of extortion and misappropriation.

This was the first time the two brothers had faced each other in court since the 2014 business dispute.

The “Brothers’ Tragedy” began when Jaecheon Eungseong’s predecessor, Jaecheon Eungseong, filed an accusation against his brother and key executives in July 2014, alleging fraud and improper influence. Tensions escalated, leading Jaecheon Eungseong to challenge his predecessor in 2017 for forcing a press release claiming the predecessor was pivotal to the company’s growth.

As of 2024, the complex legal dispute involving the Eungseong brothers remains unresolved, with Jaecheon Eungseong demanding retribution against his sibling. In his testimony, he expressed a desire for the family to move on and emphasized his father’s wishes for Jaecheon Eungseong to reflect on his actions.

Jaecheon Eungseong also criticized the plaintiffs’ approach to the company’s debt recovery, calling it “limited remedy syndrome.” He vehemently disputed his former chairman’s claims of significant contributions to the company’s development, stating that the published records are “not an accurate reflection.” He further rejected the notion that his resignation caused any loss to the company, insisting that they could not have complied with his demands without coercion.

Meanwhile, Jaecheon Eungseong’s own 16 billion won embezzlement case, initiated by his predecessor, was recently resolved with a 2-year jail sentence suspended for 3 years.