[THE INVESTOR]  The latest decision of debt-ridden Hanjin Shipping’s creditors to stop financing it will not greatly affect the finance industry as the lenders have already made allocations for bad debts to protect themselves from the fallout, market watchers say. According to local news report on Aug. 30, the creditor banks -- which include state-run Korea Development Bank and KEB Hana Bank -- extended a combined 1.02 trillion won (US$912.48 billion) loans to South Korea’s top container carrier

Aug. 30, 2016

[THE INVESTOR] Creditors of debt-ridden Hanjin Shipping decided on Aug. 30 to stop injecting funds to enable it to stay afloat, which may likely force the shipper to enter court receivership. The creditor banks, which include state-run Korea Development Bank and KEB Hana Bank, unanimously decided to stop supporting South Korea’s largest container carrier during their emergency meeting, saying its latest self-rescue plan did not fulfill the requirements. “Hanjin Shipping’s proposal fails to cover

Aug. 30, 2016

[THE INVESTOR] The prosecution said it will resume its investigation of Lotte Group after the funeral service for Vice Chairman Lee In-won is over on Aug. 30. According to the Seoul Central District Prosecutors’ Office, the authorities will not summon Lotte officials during the mourning period. But once the funeral procedure is completed, they will reopen the inquiry. “There will be no major change in the range and direction of our investigation, while the timetable of the investigation has been

Aug. 30, 2016

[THE INVESTOR] Creditors of financially ailing Hanjin Shipping will decide on Aug. 30 whether to put the nation’s largest container carrier under court receivership. The creditors -- led by state-run Korea Development Bank -- will convene a meeting at 11 a.m. to decide whether to inject more funds into Hanjin Shipping or send the shipper for court receivership. They will announce the decision by afternoon, an official with the creditors said. Last week, Hanjin Shipping submitted a fresh self-res

Aug. 30, 2016

[THE INVESTOR]  The chief of Oxy Reckitt Benckiser Korea on Aug. 29 apologized to the victims affected by the toxic humidifier disinfectant scandal and pledged to provide as much support as possible. “I would like to apologize to the victims and their families who were deeply hurt by Oxy’s toxic humidifier disinfectant,” Ataur Safdar, CEO of RB Korea said at the parliamentary questioning on the humidifier case aimed to enact a special law to prevent a recurrence. Oxy CEO Ataur Safdar (right) pay

Aug. 29, 2016

[THE INVESTOR] Hyundai Mobis, the auto parts unit of Hyundai Motor Group, on Aug. 29 said it has developed a new electronic Drum in Hat parking brake customized for full-size pickup trucks. The new eDIH is a type of electric parking brake with large weight and capacity, that is opted for big vehicles such as trucks and buses. The latest brake system is specially designed for full-size pickup trucks, which are popular in the US market. According to Hyundai Mobis, the new eDIH has a brake force 1.

Aug. 29, 2016

[THE INVESTOR] A total of 10,488 vehicles imported by Fiat Chrysler Automobiles Korea, Ford Sales & Service Korea and Audi Volkswagen Korea will be recalled, according to the Ministry of Land, Infrastructure and Transport on Aug. 29. FCA Korea will carry out a recall of its Jeep Grand Cherokee SUV and Chrysler 300C sedan, for poorly designed gear shifter that may cause drivers to believe the car is parked when it isn’t. A Jeep Grand Cherokee car was involved in a fatal crash that killed actor An

Aug. 29, 2016

[THE INVESTOR] Audi Volkswagen Korea has decided not to take legal action against the government’s latest sales ban and decertification decision that affected its 80 models, local news reported on Aug. 29. “We decided that we need to resolve the current situation and continue with the recertification progress to resume business,” an official from the Korean unit said.Earlier, the automaker said it was considering legal action after the Environment Ministry on Aug. 2 revoked the certification of

Aug. 29, 2016

[THE INVESTOR]  Renault Samsung Motors plans to export its new sport utility vehicle QM6 to 80 countries, beginning with nations in South America and Australia this year. The car, sold as Koleos outside Korea, will hit the South American countries, including Mexico, Colombia and Chile, and Australia by end of this year. Next year, it will make inroads into European countries. Renault Samsung's QM6“SUV sales are increasing in the global market,” a Renault Samsung official said. “The QM6, equipped

Aug. 29, 2016

[THE INVESTOR] Environment Minister nominee Cho Kyeung-kyu on Aug. 26 hinted that he could consider a replacement order of Volkswagen and Audi vehicles if the planned recalls are further delayed. During the parliamentary confirmation hearing, Cho said Volkswagen’s manipulation is a “serious crime that cannot be tolerated,” and that he is considering taking measures against the Korean unit that are stricter than the recall order. In an effort to curb another Volkswagen scandal, he also vowed to s

Aug. 26, 2016

[THE INVESTOR] Lotte Group Chairman Shin Dong-bin has expressed deep grief over the death of his closest aide and the group’s vice chairman, Lee In-won. According to Lotte Group, Shin received news of the passing of Lee, who apparently took his own life, at his office a little past 8 a.m. “The news left him speechless and grief-stricken,” a Lotte official was quoted as saying in the report. Lotte Group Chairman Shin Dong-binThe 69-year-old was widely known as the second-in-command at Korea’s fif

Aug. 26, 2016

[THE INVESTOR] Lotte Group expressed shock and sorrow over the death of the group’s Vice Chairman Lee In-won, who apparently took his own life early in the morning on Aug. 26. “We have confirmed the sad news of the late Vice Chairman Lee In-won through police and other channels,” the company said in an official statement. “It is hard to believe Lee, who dedicated his life to lay the foundation of Lotte, has passed away. We will announce the details of funeral arrangements once they are made.” Lo

Aug. 26, 2016

[THE INVESTOR] South Korean prosecutors said they are considering rescheduling the investigation into Lotte Group in the wake of the death of Lotte Group Vice Chairman Lee In-won, who apparently took his own life on Aug. 26, just hours before his appearance for questioning regarding the ongoing corruption probe. “We are very regretful. We offer condolences to the deceased and may (he) rest in peace,” a special investigative team for Lotte Group at the Seoul Central District Prosecutor’s Office s

Aug. 26, 2016

[THE INVESTOR] Police found a four-page letter from Lotte Group Vice Chairman Lee In-won, who took his life early in the morning of Aug. 26, where he expressed concern for family members and Lotte employees, according to local news reports. “Chairman Shin Dong-bin is a great man, and I am sorry to leave early in this difficult situation,” he wrote in the letter directed to Lotte employees. He also claimed that there was no slush fund created at Lotte Group.  Related article :Lotte Group vice cha

Aug. 26, 2016

[THE INVESTOR] Lotte Group Vice Chairman Lee In-won was found dead in an apparent suicide at a walking trail in Yangpyeong-gun, Gyeonggi Province, police said Aug. 26. The 69-year-old was already dead when he was found by a passerby hanging around 7:10 a.m. Officials believe the body is Lee based on his belongings, including an ID card in his pocket, found at the scene, but they are checking his fingerprints to confirm the identity. Lotte Group Vice Chairman Lee In-won(second from left)Police fo

Aug. 26, 2016