Kaher Kazem, CEO of GM Korea did not expressly deny a rumor about GM Korea’s withdrawal from Korea and repeatedly answered, "I will do my best to normalize the management.""GM Korea executives are doing its best to normalize the management of GM Korea," CEO Kazem said to a question about GM’s withdr
The announcement was put out for a bid for Daewoo Engineering & Construction Co., Ltd. (Daewoo E&C) on October 13. The bid deadline was set on November 13. The Korea Development Bank (KDB) issued the sales announcement on its website. The offering is a 50.75% stake in Daewoo E&C which the KDB holds
Last month, GM Korea sold 8,991 cars in the domestic market and was relegated by Ssangyong Motors for the first time since its foundation. GM Korea failed to sell 9,000 or more cars in Korea in five years and eight months since January 2012. Moreover, as the equity sale rejection right held by the K
“With the start of my work, I will strive to secure competitiveness and a sustainable future for the company and utilize our strengths,” said Kaher Kazem, GM Korea's new president and CEO while taking office on September 1. This means that president Kazem once brought a halt to concern about a possi
The Korea Development Bank (KDB), the largest shareholder of Daewoo Engineering & Construction Co., will begin the sale procedure at the end of this month and select a preferred bidder by the end of this year.According to investment banking industry sources and Daewoo E&C on September 22, the KDB in
Amid the trouble with Kumho trademark between creditors and chairman Park Sam-koo, Kumho Tire's preferred bidder Doublestar sent an agreement for the cancellation of a stock purchase agreement (SPA) to creditors on September 12, which put the sale of Kumho Tire finally aborted.As Doublestar announce
The growth of Korean banks' global competitiveness has been marking time for several years. Many experts blamed it on the fact that the government has a poor understanding of the financial industry and approaches the financial industry as an industry to be regulated. In particular, banks are also cr
There is growing concern that the restructuring of the shipbuilding and shipping industry has been transformed into deals among companies controlled by state-run banks as Hyundai Merchant Marine recently decided to buy very large crude oil carriers (VLCCs) and an 11,000 TEUs (one TEU: one six-meter
LS Cable will establish an electric car holding company to strengthen its electric vehicle business, a new growth engine. To this end, the company will raise 70 billion won (US$63 million) from private equity funds (PEFs) to improve its financial structure.According to industry sources on September
After KDB Life, Hyundai Life will start its restructuring. This is the second restructuring of life insurers since the start of this year. The two life insurers started restructurings prior to the introduction of the International Financial Reporting Standard (IFRS 17) which will come into effect st
North Korea’s sixth nuclear test hit the domestic shipbuilding industry which has been struggling with the sluggish market. Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) was about to sign deals to build 11 ultra large container vessels (ULCVs) but Mediterranean Shippin
The sell-off of Kumho Tires actually broke up after controversies. On September 5, the Kumho Tire creditors, including the Korea Development Bank (KDB), held a shareholders' meeting and decided not to accept a demand to cut the sale price from China’s Doublestar.Doublestar demanded a change in the s
Park Sam-koo, chairman of the Kumho Asiana Group, decided to accept a proposal by the Korea Development Bank (KDB) in connection with a contract for the use of Kumho Tire trademarks with Doublestar of China. This means that chairman Park will take control of Kumho Tire through a primary right to buy
The South Korean government is about to intervene in the restructuring of Kumho Tire and GM Korea. To this end, the Financial Services Commission (FSC) recently transferred the management of companies invested by Korea Development Bank (KDB) from the Industrial Finance Division of the Financial Poli
According to investment banking industry sources, a group of South Korean institutional investors recently decided to invest 250 billion won (US$225 million) in the Equitix and InfraRed Capital Partners consortium, which is the preferred bidder for the sale of the High Speed 1 operating rights. Earl
The South Korean government holds a meeting next month in order to discuss a merger between Sungdong Shipbuilding & Marine Engineering and STX Offshore & Shipbuilding.At present, STX is being managed by Korea Development Bank (KDB) and Sungdong is being managed by the Export-Import Bank of Korea. Du
China’s Qingdao Doublestar Tire, the preferred bidder of Kumho Tire, made an official request to creditors to cut the sale price of Kumho Tire by 16 percent, or 155 billion won (US$137.45 million). The company seeks to buy Kumho Tire for 800 billion won (US$709.41 million).According to the Korea Dev
The sale of Kumho Tire led by the Korea Development Bank (KDB) has virtually ground to a standstill in seven months after Chinese tire maker Doublestar was selected as a preferred bidder in January this year.According to investment banking industry sources on August 17, Doublestar has recently deman
The Korean corporation of Chinese Double Star filed an application to the Korean Ministry of Trade, Industry and Energy to acquire Kumho Tire on August 16."Xingwei Korea, the Korean corporation of Double Star, submitted an application for the takeover of Kumho Tire in the morning of August 16,” said
Kumho Tire's sales force and overseas buyers took to the street together. On August 8, they held a silent protest against the problematic sale of the company in front of Kumho Asiana Main Building in Gwanghwamun, Seoul.They said that the Korea Development Bank (KDB)’s unreasonable sale of Kumho Tire