81. Tragedy Strikes at the Sampoong Department Store
Year: 1995
Location: Seoul, South Korea
Company: The Sampoong Group
Estimated Damage Value: $364 million*
In 1995, Seoul witnessed a horrific event due to negligence. The Sampoong Group’s Department Store, built in 1987 over a landfill, crumbled when its construction leader decided to remove essential support columns, causing $364 million in damages.
Despite Woosung Construction’s initial protests against structural changes, construction continued under Lee Joon’s stubborn guidance. Ignored warnings and audible distress signals preceded the catastrophic collapse in 1995, claiming 502 lives and injuring 1,445. A grim testament to the consequences of negligence.