With Daewoo Shipbuilding Subcontractor Strike Prolonged, Democratic Party Says, "Korea Development Bank Must Take a Progressive Approach to Open the Way for Resolution"

Democratic Party Visits Korea Development Bank Headquarters, Major Shareholder of Daewoo Shipbuilding & Marine Engineering
Urges KDB to 'Resolve Issues' with "Progressive Attitude Needed to Open the Way"

[Image source=Yonhap News]

Members of the Democratic Party of Korea's Euljiro Committee held a press conference at the National Assembly Communication Hall on the 7th, urging a 1 trillion won increase in the Hope Recovery Fund and 100% payment of nationwide disaster relief funds. Photo by Dongju Yoon doso7@

[Asia Economy Reporter Koo Chae-eun] Subcontracted workers at Daewoo Shipbuilding & Marine Engineering (DSME) have been on strike for 47 days as of the 18th, demanding wage increases and other improvements. The Democratic Party of Korea has urged the Korea Development Bank (KDB) to resolve the issue. Since KDB, the largest shareholder holding about 56% of DSME's shares, is the major stakeholder, active intervention from the bank is seen as essential to breaking the deadlock.

The Democratic Party's Euljiro Committee (Chairman Rep. Jin Sung-jun) visited the hunger strike site of DSME subcontracted workers in front of the KDB headquarters in Yeouido, Seoul, on the morning of the same day, urging KDB management to make concrete efforts to resolve the strike situation.

Rep. Woo Won-shik stated, "KDB must clearly recognize that, as the primary policy financial institution responsible for overall industrial restructuring, it has a duty to oversee the problems across the shipbuilding industry before being the main creditor bank of DSME." He added, "In a situation where KDB is judged to exercise de facto business approval authority over DSME as the main creditor bank, repeatedly saying 'there is nothing we can do' is a very irresponsible attitude. Since this issue will be examined at the National Assembly level as soon as the parliamentary organization is completed, KDB must take a proactive stance to open the way for resolving the situation."

The KDB deputy presidents also expressed their willingness to engage in resolving the issue. While DSME subcontracted workers are demanding a 30% wage increase to properly reflect real wages, representatives of partner companies are opposing this, stating that the wages of the primary contractors have either been frozen or increased by only around 1%.

The meeting was attended by a total of 11 lawmakers, including Chairman Jin Sung-jun, Kang Min-jung, Kim Kyung-man, Kim Ju-young, Yang Eui-won-young, Woo Won-shik, Yoon Young-duk, Lee Dong-joo, Lee Soo-jin (Dongjak), Lee Soo-jin (Proportional), and Choi Ki-sang. From KDB, Senior Deputy President Choi Dae-hyun, along with six other deputy presidents and executives, participated.

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