Lee Dong-geol, Chairman of KDB Industrial Bank, Criticizes HDC Hyundai Development: "Written Discussions? Are We Dating in the 60s?"

"Deals Must Be Based on Mutual Trust... Let's Meet and Discuss"

[Asia Economy Reporter Jo Gang-wook] Lee Dong-geol, Chairman of the Korea Development Bank (KDB), sharply criticized HDC Hyundai Development Company's proposal to proceed with discussions in writing, saying, "This is not like dating in the 1960s; you can just meet and talk."

On the 17th, during an 'Online Briefing on Major Issues' held at KDB for reporters, Chairman Lee said, "(They) know where I am, so they can come anytime."

Earlier, on the 29th of last month, KDB sent a certified letter to HDC Hyundai Development stating that "the contract extension is possible only if the intention to acquire is expressed by the end of June."

Subsequently, on the 9th, HDC Hyundai Development issued a press release containing a written request to "reconsider the acquisition conditions of Asiana Airlines from scratch."

In response, on the 10th, KDB expressed doubts about HDC Hyundai Development's sincerity, urging them to come to the negotiation table directly with specific demands and actively engage in negotiations.

KDB stated that it has not received any reply from HDC Hyundai Development since then.

Chairman Lee said, "We have organized answers to the issues raised by HDC Hyundai Development and sent an official letter," adding, "We still trust HDC Hyundai Development and will wait for their response."

However, he drew a line by noting that although HDC Hyundai Development's acquisition process of Asiana Airlines has somewhat slowed down, it is too early to make a premature judgment as the validity period still remains.

He further explained, "Approval for the corporate merger review is expected from Russia around the end of this month, and there will be time to review it afterward, so there is sufficient time for consultation."

This content was produced with the assistance of AI translation services.