Kumho Asiana Group has decided to sell off Asiana Airlines.The group said on April 15 that the board of Kumho Engineering and Construction Co. has decided to sell off its stake in Asiana Airlines.Kumho Engineering and Construction is a major shareholder of Asiana Airlines with a 33.47 percent stake.
Creditors of crisis-hit Kumho Asiana Group, including Korea Development Bank (KDB), have rejected the former chairman Park Sam-koo’s restructuring plan, which included a promise to sell Asiana Airlines Inc. if the group fails to normalize its operation within three years.KDB, the main creditor of As
It has been belatedly found that Lee Dae-hyun, former senior vice president of Korea Development Bank (KDB) who was nominated as chairman of Kumho Tire Co. earlier this year, refused to take the job at the last moment as he was virtually rejected by China’s Qingdao Doublestar Co., the largest shareh
Kumho Asiana Group has requested its creditors to extend 500 billion won (US$439.17 million) worth of loans against the owner family’s entire stake in Kumho Buslines Co., the group’s de facto holding company. The group said it would agree to creditors’ sale of Asiana Airlines if it fails to normaliz
Choi Jong-ku, chairman of the Financial Services Commission, said on April 3 that the main reason for Asiana Airlines’ trouble is its corporate governance, stressing the responsibility of Kumho Asiana Group Chairman Park Sam-koo.It is rare that the head of the FSC, which supervises Korea Development
The majority shareholder of Asiana Airlines Inc. is under pressure from creditors, including Korea Development Bank (KDB), to hand over managerial control to a third party. Yet the company’s management claims that the company will be normalized again if it overcomes the short-term liquidity crisis.A
Creditors of cash-strapped Kumho Asiana Group are reportedly planning to demand that the group sell off prime assets and present a viable debt repayment plan.They are considering extension of a one-year memorandum of understanding (MOU) on improving its financial standing later this week if they can
Kumho Asiana Group chairman Park Sam-koo has decided to step down from all his posts to eliminate what is called an “owner risk,” a risk that stems from investor distrust in the owner of a company. He was forced to resign to regain investors’ confidence in his group.Park has been showing his strong
Despite Asiana Airlines’ efforts to improve its financial structure, an accounting firm has called its management sustainability into question. The company’s net loss in 2018 increased by as much as 10 times from the preliminary estimate of 10.40 billion won (US$9.17 million) to 105 billion won (US$
Kumho Tire’s labor union has urged Doublestar, the largest shareholder of the Korean tire company, to normalize the company's plant in China."At the Future Committee, the company’s management and labor will discuss the normalization of Kumho Tire's plant in China," the labor union said on Ma
Korean tire manufacturers are working on high-tech and innovative products in step with the fast-changing car market.For example, Kumho Tire is developing plastic tires for launching within this year. Tires to which special plastic materials are applied do not become flat and, as such, are regarded
The South Korean government will restrict the export of organic light-emitting diode (OLED) production equipment. It is planning to designate OLED equipment as “national core technology” and make government approval compulsory for exportation. This is a follow-up measure to prevent any recurrence of
The Fair Trade Commission (FTC) has recently submitted a proposal to the commission’s plenary session to file complaints with the prosecution against Kim Hong-gook, chairman of the Harim Group, and Lee Hae-wook, vice chairman of the Daelim Group, on charges of enriching themselves through unjustifie
Korea Development Bank (KDB) is struggling with restructuring of big ailing corporations put under its care.For example, KDB should determine within this month whether to invest US$375 million in GM Korea. Under a normalization plan, GM Korea is supposed to receive US$750 million in investment from
The Kumho Asiana Group is seeking to raise money through aggressive initial public offerings (IPOs) of its affiliates. The group is desperate to improve the financial structure of Asiana Airlines Inc., its cash cow.Asiana Airlines announced on Dec. 4 that it raised 457 billion won (US$413.01 million
The waves of trade war between the United States and China are hitting the South Korean petrochemical industry. With an escalation of trade tensions between the two countries, the price of ethylene fell below US$1,000 (1.14 million won) per ton for the first time in a year and three months and that
Kumho Tire will become the first Korean tire manufacturer to export its tire manufacturing technology to an overseas company.Kumho Tire announced on September 27 that the company signed a contract to export its tire manufacturing technology to Pakistan’s Century Corporation at its headquarters in Se
Kolon Industries announced on September 18 that it has completed a tire cord factory in Vietnam's Binh Duong Province. Tire cords are a kind of fiber reinforcing material that acts as the frame of tires. It is an important material that is expected to grow in demand due to the emergence of vehic
LSG Sky Chefs Korea, which provided Asiana Airlines with in-flight meals until just before the meal service was disrupted, said on July 5 that Kumho Asiana Group chairman Park Sam-gu made false claims during his press conference the previous day.LSG said in a press release, "We are going to make it
Employees of the Kumho Asiana Group, including Asiana Airlines, are pushing for a protest at the heart of downtown Seoul on July 6 to reveal chairman Park Sam-gu’s alleged abuse of power and irregularities.The employees’ collective action against the group chairman was triggered by Asiana's in-f