The Seoul government and the Korea Development Bank(KDB) said that they will provide fresh funds for the troubled unit of the U.S. automaker General Motors(GM) Korea on the condition that GM stays in the Korean market for more than ten years. 

According to a source close to the matter on Tuesday, another condition for financial support is that the state-run KDB, GM Korea’s second-largest shareholder with a 17 percent stake, has the right to veto the automaker's major decisions even if its shareholding falls below 17 percent through a possible debt-for-equity swap. 

GM requested the two sides conclude a deal on South Korea's fresh support by Friday, but Seoul and the KDB insisted that the deal is unlikely to be agreed upon until early next month, when the final report on the due diligence on the automaker will be issued.