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Gov't to Meet with GM to Discuss Rescue Plans for its Local Factories

Written: 2018-02-21 17:03:29Updated: 2018-02-21 19:44:37

Gov't to Meet with GM to Discuss Rescue Plans for its Local Factories

The government plans to sit down with a visiting executive of General Motors(GM) to launch discussions on whether and how it will assist the normalization of the American automaker's local businesses. 

A senior official of the Strategy and Finance Ministry said the government needs to meet those from GM to listen to their demands from the South Korean government and judge whether they are legitimate. 

It was known the automaker earlier called for a meeting with the ministry. 

The official said that due diligence at GM’s local factories should be carried out before the government looks into GM’s plan to maintain the South Korean businesses. He also stressed the government needs to check whether GM’s demands sound convincing to the public since taxpayers’ money will be used, adding it is too early for the government to decide its stance. 

Meanwhile, GM held a working-level meeting in Seoul Wednesday morning with the Korea Development Bank, which holds a 17 percent stake in GM Korea, and decided to entrust local accounting firm Samil PwC to conduct due diligence into the fiscal and other business conditions of GM Korea. 



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