[THE INVESTOR] Hyundai Group on July 15 lost control over Hyundai Merchant Marine, with the shareholders approving the seven-to-one reduction of capital held by group chairwoman Hyun Jeong-eun and affiliates. Once all related processes are over, HMM will become a subsidiary of the Korea Development Bank. Hyundai Merchant MarineThe stakes held by Hyun, Hyundai Elevator and Hyundai Global will be reduced to 3.64 percent from the current 22.64 percent. Hyundai Global is the de facto holdings firm f

[THE INVESTOR] Sampyo Group became the largest ready-mix concrete supplier in South Korea in 2015, industry data showed on July 15. Sampyo is now mulling IPO.Excluding subsidies, however, the top ready-mix supplier was Eugene Corp. that has maintained its position since 2006. SampyoAccording to the Korea Ready Mix Concrete Industry Association, Sampyo companies’ combined output came in at 7.57 million cubic meters in 2015. The figure is 32.5 percent higher than the previous year, and 130,000 cub

[THE INVESTOR] The Korean government has denied that China’s decision to slap a 4.1 percent anti-dumping tariff on acryl fabrics produced by Taekwang Industrial was in retaliation for its proposal to deploy an advanced anti-missile system here.“The measure is unrelated to Seoul’s decision to deploy the Terminal High Altitude Area Defense or THAAD system,” the Ministry of Foreign Affairs said on July 14. China’s Trade Minister began reviewing anti-dumping measures for acryl fabrics produced in So

[THE INVESTOR] The Supreme Court on July 14 ruled that Hanwha Group(chairman Kim Seung-youn) should receive part of the 315 billion won (US$ 277 million) deposit lost during its 2009 attempt to take over Daewoo Shipbuilding and Marine Engineering. The top court ruled that Hanwha’s loss of such a large deposit was unfair, and returned the case to the lower courts. Hanwha Group headquarters in downtown Seoul“Confiscating the entire deposit of 315 billion won is excessive, even if the confiscation

[THE INVESTOR]   KT linkus and the Ministry of Environment will embark on a partnership project to transform pay phone booths into rapid charging stations for electric vehicles to expand the EV market.KT linkus will team up with the Korea Environment Corporation affiliated with the Environment Ministry to install nine EV rapid charging stations in Seoul, Seongnam, Daegu and Suncheon, starting its service from July 15. Rapid charging station in Seoul. KT“We are planning to cooperate with governme

[THE INVESTOR] The creditors of Kumho Tire have begun the process of finding a buyer for the tire maker, local news reported on July 13.According to reports, Kumho Tire’s creditors held the first meeting on the issue on the day, and reviewed the feasibility study by Credit Suisse.Kumho Tire began a workout process in 2009, and is currently 42.01 percent held by the creditors. Among the creditors, Woori Bank holds the largest stake, followed by Korea Development Bank and KB Kookmin Bank. The thre

[THE INVESTOR] Prosecutors on July 13 summoned Kim Jung-ju, founder of the nation’s largest game company Nexon, on suspicions that he gave insider information to a senior prosecutor to help him gain illegal stock gains.The prosecutors said they will question Kim on whether he had leaked information about the stock market debut of Nexon Japan to Jin Kyung-joon, a prosecutor who is also his college friend.Nexon founder Kim Jung-ju (third from left) / The Investor(Chung Hee-jo)Jin had bought 10,000

[THE INVESTOR] Hanjin Shipping has sold its entire stake in Tan Cang Cai Mep International Terminal in Vietnam to its affiliate in order to secure liquidity, the ailing shipper announced July 13. The firm, which had a 21 percent stake in the terminal, sold the entire rights priced at 23 billion won (US$ 20 million) to Hanjin Transport, which runs the land transport service under Hanjin Group, during the board meeting on July 12. The move came after the government and creditors, led by state-run

[THE INVESTOR] AirAsia does not intend to open an office in Korea, said Tony Fernandes, co-founder and CEO of the Malaysian low-cost carrier, highlighting his discontent with local aviation regulations.“AirAsia is not planning on a branch in Korea,” the chief executive said during his visit to the UK for an air show on July 12. He added that Seoul’s rigid regulatory framework gives Koreans a limited choice of carriers. However, Fernandes said that AirAsia would positively review plans for establ