GovernmentㆍGM to have reached `3 main principles` to normalize GM Korea
Kwon Dae Gyung | kwon213@ | 2018-02-23 11:37:23
General Motors and the Korean government, which have raised their plans to shut down the plant at Kunsan, and the Korean government, have virtually agreed on the three principles for the normalization of Korean GM.
Therefore, it is expected that the government and the Korea Development Bank will speed up the due diligence and additional support work for the normalization of Korea GM management.
Kim Dong-yeon, the finance minister and finance minister of the Ministry of Strategy and Finance, held a press conference at the government`s headquarters in Sejong on February 22 "We will respond calmly in accordance with the principle of normalization of Korea GM." "We propose the three principles of normalizing GM management, I will prepare a possible solution. " The three main principles proposed by the government are: the role of the major shareholder, the sharing of stakeholder pain, and the normalization of sustainable management.
The three principles for the normalization of Korean GM management were derived from the consultation with ministers of relevant ministries, and the first vice minister of the Solidarity Authority said it delivered the plan to GM. GM has made a reasonable assessment of the government`s measures, Kim added.
Mr. Kim emphasized that "the role of the major shareholder for the normalization of Korean GM is important and will follow the sharing of the suffering of all stakeholders including shareholders, creditors and labor unions according to the restructuring principle." Kim said, "In the long term, we will prepare a plan for normalization of sustainable management, rather than first aid to overcome difficulties at the moment." To this end, we plan to set up three principles and discuss the normalization plan with Korea GM."
Especially, Mr. Kim ordered additional and voluntary self-reliance on GM, saying, "The shareholders of GM Korea, creditors and unions should share the pain."
Kim stated, "We will proceed faster than usual," Kim pointed out, "It is premature to make a decision without a due diligence, in order to establish a government position."
Prior to that, Deputy Minister of Solid Waste Management and Deputy Minister Lee In-ho of the Ministry of Labor held a meeting with the head of the overseas business division of GM`s headquarters. In the meeting, Koh said, GM said that it should "make sure that transparent and rigorous due diligence can be achieved" in connection with the agreement with Samil PricewaterhouseCoopers by the Korea Development Bank and external organizations on the previous day and the commencement of due diligence. It also said it would be willing to participate in a $ 2.8 billion new investment in GM Korea, but will reject the $ 2.7 billion investment participation request.
Earlier, GM proposed a "self-help plan" to invest the 3.20 trillion won loan to the government and the National Assembly for the regeneration of GM Korea.
Sejong= By Kwon Dae Gyung kwon213@
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Therefore, it is expected that the government and the Korea Development Bank will speed up the due diligence and additional support work for the normalization of Korea GM management.
Kim Dong-yeon, the finance minister and finance minister of the Ministry of Strategy and Finance, held a press conference at the government`s headquarters in Sejong on February 22 "We will respond calmly in accordance with the principle of normalization of Korea GM." "We propose the three principles of normalizing GM management, I will prepare a possible solution. " The three main principles proposed by the government are: the role of the major shareholder, the sharing of stakeholder pain, and the normalization of sustainable management.
The three principles for the normalization of Korean GM management were derived from the consultation with ministers of relevant ministries, and the first vice minister of the Solidarity Authority said it delivered the plan to GM. GM has made a reasonable assessment of the government`s measures, Kim added.
Mr. Kim emphasized that "the role of the major shareholder for the normalization of Korean GM is important and will follow the sharing of the suffering of all stakeholders including shareholders, creditors and labor unions according to the restructuring principle." Kim said, "In the long term, we will prepare a plan for normalization of sustainable management, rather than first aid to overcome difficulties at the moment." To this end, we plan to set up three principles and discuss the normalization plan with Korea GM."
Especially, Mr. Kim ordered additional and voluntary self-reliance on GM, saying, "The shareholders of GM Korea, creditors and unions should share the pain."
Kim stated, "We will proceed faster than usual," Kim pointed out, "It is premature to make a decision without a due diligence, in order to establish a government position."
Prior to that, Deputy Minister of Solid Waste Management and Deputy Minister Lee In-ho of the Ministry of Labor held a meeting with the head of the overseas business division of GM`s headquarters. In the meeting, Koh said, GM said that it should "make sure that transparent and rigorous due diligence can be achieved" in connection with the agreement with Samil PricewaterhouseCoopers by the Korea Development Bank and external organizations on the previous day and the commencement of due diligence. It also said it would be willing to participate in a $ 2.8 billion new investment in GM Korea, but will reject the $ 2.7 billion investment participation request.
Earlier, GM proposed a "self-help plan" to invest the 3.20 trillion won loan to the government and the National Assembly for the regeneration of GM Korea.
Sejong= By Kwon Dae Gyung kwon213@