The main creditor of General Motors(GM) Korea says it will consider vetoing the company’s plan to spin off a research and development arm amid rekindled speculation GM is seeking to withdraw from the South Korean market. 

In a statement released on Thursday, Korea Development Bank(KDB), which is the second largest shareholder of GM Korea, said it is deeply worried about the company making such a move without sufficiently explaining to and consulting with the concerned parties. 

The state-run bank said it will raise its concerned voices during GM Korea’s general shareholders’ meeting slated for Friday, when the company is scheduled to vote on the plan to separate its research and development and manufacturing functions from one another. 

Adding that it will also urge GM Korea to strive for the normalization of its business, KDB said it will carefully review possible legal measures depending on the outcome of the shareholders’ meeting. 

The move, which comes several months after a deal between KDB and GM to normalize cash-strapped GM Korea, has spawned speculations that the U.S. automaker may intend to close its South Korean business or lay off many local workers.