Mayor Byeon Gwang-yong: "Daewoo Shipbuilding & Marine Engineering Sale Must Be Withdrawn... For What, For Whom Is the Forced Sale?"

Byun Kwang-yong, mayor of Geoje City, Gyeongnam, posted a statement on SNS as the deadline for the sale of Daewoo Shipbuilding & Marine Engineering was extended until September.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] "The current attempt to sell Daewoo Shipbuilding & Marine Engineering, which disregards the lives of Gyeongnam residents and Geoje citizens as well as the local economy, must be withdrawn."

Byun Gwang-yong, mayor of Geoje City, Gyeongnam Province, posted his stance on SNS after the deadline for acquiring Daewoo Shipbuilding was extended to September.

As Korea Shipbuilding & Offshore Engineering, the shipbuilding holding company of Hyundai Heavy Industries Group, and the Korea Development Bank extended the acquisition contract deadline for Daewoo Shipbuilding & Marine Engineering from the end of June to September, Byun Gwang-yong, mayor of Geoje City, Gyeongnam Province, raised his voice.

On the 1st, Mayor Byun posted his opinion on the extension of the acquisition deadline for Daewoo Shipbuilding & Marine Engineering on his Facebook page.

He said, "The Korea Development Bank has finally extended the deadline for Hyundai Heavy Industries' in-kind contribution and investment contract to September 30th for the third time," and bluntly stated, "This is not acceptable."

He added, "There is neither justification nor benefit, and the original purpose of the merger and acquisition from February 2019 has already disappeared. This is an attempt to sell Daewoo Shipbuilding & Marine Engineering," and "I ask again what and for whom this forced sale is being pushed forward."

In his post, Mayor Byun argued the "four major impossibilities of the Daewoo Shipbuilding & Marine Engineering sale" as follows: four consecutive years of profitable management, improvement in the shipbuilding industry trend, damage to national interests under the condition of market contraction, and the collapse of the local economy affecting 3.2 million Gyeongnam residents and 250,000 Geoje citizens.

Meanwhile, voices demanding the unfairness of the Daewoo Shipbuilding & Marine Engineering sale and the withdrawal of the sale policy continued in the region. Recently, Mayor Byun held a one-person protest in front of the Fair Trade Commission, and the Gyeongnam Mayors and Governors Council issued a joint statement urging a re-examination of the Daewoo Shipbuilding sale from the beginning. 110,000 Geoje citizens participated in the petition against the sale of Daewoo Shipbuilding.

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