ID :
182977
Wed, 05/18/2011 - 16:13
Auther :
Shortlink :
https://oananews.org//node/182977
The shortlink copeid
Opposition leader vows to block sale of Woori Finance Holdings Co
GWANGJU, South Korea, May 18 (Yonhap) -- The newly elected head of South Korea's opposition party vowed Wednesday to block the government from privatizing the country's second-biggest financial group by assets.
Kim Jin-pyo of the Democratic Party (DP) said the plan to restart the stalled process for the sale of Woori Finance Holdings Co. is a way for the government to increase its sway over the financial market, citing reports that firms like state-run KDB Financial Group Inc. are interested in the takeover. KBD Financial's takeover of Woori Finance, if realized, would make the consolidated entity the biggest local financial group by far with combined assets of about 500 trillion won.
Such a scenario "would mean that financial firms in control of 70 to 80 percent of financial activities of conglomerates would be run by the government," Kim said during a party meeting here.
President Lee Myung-bak vowed as part of his election campaign to privatize Woori Finance and other state-owned firms that were rescued from bankruptcies with taxpayers' money in the aftermath of the 1997-98 Asian financial crisis.
Kim Jin-pyo of the Democratic Party (DP) said the plan to restart the stalled process for the sale of Woori Finance Holdings Co. is a way for the government to increase its sway over the financial market, citing reports that firms like state-run KDB Financial Group Inc. are interested in the takeover. KBD Financial's takeover of Woori Finance, if realized, would make the consolidated entity the biggest local financial group by far with combined assets of about 500 trillion won.
Such a scenario "would mean that financial firms in control of 70 to 80 percent of financial activities of conglomerates would be run by the government," Kim said during a party meeting here.
President Lee Myung-bak vowed as part of his election campaign to privatize Woori Finance and other state-owned firms that were rescued from bankruptcies with taxpayers' money in the aftermath of the 1997-98 Asian financial crisis.
