Choi Jong-Ku, Chairman of the Financial Services Commission, has cited GM Korea’s labor-management agreement and its long-term business plans as a preliminary condition for support from the government and the Korea Development Bank.
Meeting with reporters, Chairman Choi stated, “The most important thing in the decision process of government and KDB support for GM Korea is, firstly, the agreement between labor and management and, secondly, GM’s management normalization plan.”
He added, “We will judge whether the government or the KDB, as major shareholders, will provide such support, after considering the responsibility GM takes in suggesting its long-term management normalization plan\.”
Chairman Choi again urged for an agreement between GM Korea’s labor and management. “Talks on financial support from the government or the KDB have made significant progress,” he said. “But it is necessary to see a labor-management agreement for anything to come to fruition.”
“The two parties [labor and management] need to understand their temporary difficulties and reach agreement through perseverance and concession,” Chairman Choi emphasized. “I hope such progress will be made in the remaining time.”