[THE INVESTOR] The combined amount of overseas financial accounts held by South Korean nationals and companies hit the highest level this year, data from the country’s tax agency showed on Sept. 27. They had a total of 56.84 trillion won (US$50.81 billion) in their overseas accounts, surging from 11.48 trillion won in 2011, according to data from the National Tax Service.Hong Kong was the top offshore fund location for South Korea with an inflow of 6.32 trillion won, followed by China with 6.32

[THE INVESTOR] The main bidding for the minority stake sale of South Korea’s state-owned Woori Bank will be held on Nov. 11, with 18 parties having submitted letters of intent for the country’s fourth-largest bank by assets last week. The final winners will be announced on Nov. 14.The Financial Services Commission and its Public Fund Management Committee which are in charge of Woori Bank’s privatization set the date for the final bidding during a meeting held on Sept. 26, according to sources. T

[THE INVESTOR] South Korea’s financial watchdog has launched an investigation into China Ocean Resources over the Hong Kong-based firm’s alleged unfair trade practices here, according to sources on Sept. 26. Financial Supervisory Service is currently reviewing data regarding the Seoul-listed deep sea fishing company’s false disclosure statement which led to a fine of 200 million won (US$176,000) and inclusion in blacklist of the country’s bourse operator Korea Exchange in July. People familiar w

[THE INVESTOR] State-run Korea Development Bank is close to kicking off its sale of controlling stake in Daewoo Engineering and Construction, according to sources on Sept. 26. KDB is currently negotiating with builders here and abroad to attract their interest in the disposal its 50.75 percent stake in the construction firm, which is worth some 1.3 trillion won (US$1.17 billion) based on its current share price. In 2011, a private equity fund held by KDB acquired Daewoo E&C’s stake at 18,000 won

[THE INVESTOR] Ahead of the final bidding for local home appliance vendor Tongyang Magic on Sept. 27, potential bidders are forming consortiums to have a better chance of winning the acquisition deal. While industry experts expect large conglomerates’ affiliates such as SK Networks, CJ O Shopping and Hyundai Department Store which have funds to finance the bid will take advantageous positions, private equity firms are moving to form consortiums to defeat them. Two potential bidders -- local chem

[THE INVESTOR] The sale of state-owned Woori Bank has drawn offers from more than 10 preliminary bidders mainly from local financial firms, relieving the government that has been seeking to privatize the bank for the past seven years. Those who submitted letters by Sept. 23’s deadline included Hanwha Life Insurance, Korea Investment & Securities as well as private equity firms like IMM PE, H&Q Korea and Vogo Fund. To buy splinter stakes to become one of the oligopolistic stakeholders of the bank

[THE INVESTOR]  POSCO’s third quarterly earnings is expected to beat market estimates for the second consecutive quarter due to rising steel prices, a local securities firm said on Sept. 23. The consolidated operating profit of POSCO is likely to increase 40 percent to 915.8 billion won (US$829 million) on-year in the July-September period, according to HMC Investment Securities. “The improvement was driven by steel price hikes in domestic and Chinese markets during the third quarter,” said Park

[THE INVESTOR]  The state-run Korea Development Bank will loan 50 billion won (US$45.40 million) to cash-strapped Hanjin Shipping to help it unload cargo overseas, according to the lender on Sept. 22.The KDB, main creditor of the ailing shipper, will offer the emergency fund by having accounts receivable asset of the country’s No. 1 shipping line as a collateral for the senior secured loans, it said. It will be used to resolve unpaid cargo unloading fees.The bank will offer the financial aid onl