Kumho Tire Breathes a Sigh of Relief... Will Funds Be Available Until Payday?

[Asia Economy Reporter Kiho Sung] There are signs that Kumho Tire is escaping the worst situation of having its company operating funds account seized. However, since the account seizure has not been completely lifted yet, attention is focused on the court's decision on whether employees' salaries, which are due in less than a week, can be paid normally.

According to the industry on the 23rd, the Gwangju High Court accepted Kumho Tire's application to suspend the forced execution of the account seizure on the 20th. The court made the acceptance decision on the condition of paying a deposit of 1.8 billion KRW, and Kumho Tire has already paid the full amount.

Although the major hurdle has been overcome, the account seizure has not yet been lifted. Accordingly, Kumho Tire is proceeding with the court's formal account seizure lifting procedure.

The problem is that Kumho Tire employees' payday is approaching. August salaries are scheduled to be paid on the 27th. Also, payments to partner companies are concentrated around this time, so there is interest in how quickly the court's decision to lift the seizure can be made.

A Kumho Tire official said, "A little more time is needed to lift the account seizure," and added, "We expect the court to make a prompt decision."

Earlier, the Kumho Tire irregular workers' union seized the company's corporate account, demanding 20.4 billion KRW from management based on their victory in the first trial confirming regular employment status on the 30th of last month. Although employees' salaries were paid normally after the payday on the 27th despite the account seizure, vacation pay, allowances, and payments to suppliers were left unpaid.

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