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Thursday, April 09, 2009

Hanwha to sue state bank over aborted DSME sale

Seoul: South Korea's Hanwha Group plans to file a lawsuit this month to reclaim a deposit seized by a state-run bank after the group's aborted deal to buy a shipbuilder, industry sources said Thursday.
Hanwha had been selected by the Korean Development Bank to buy out a 50.4% in the world’s second largest shipuyard in the third quarter last year. No sooner, had the conglomerate been given the nod though than the global financial crisis struck making Hanwha’s ambitious takeover bid an impossibility overnight. Hanwha had asked to pay in installments but was denied by the KDB.
Senior management at DSME, meanwhile, have just agreed to forfeit their wages amid a pay freeze for all staff as conditions worsen for shipyards around the world.  [09/04/09]