[THE INVESTOR] Hyundai Heavy Industries announced on Sept. 4 that it has been selected as the preferred bidder for a 12-oil tanker contract of Russia’s Sovcomflot. Sovcomflot is a state-owned shipping company that specializes in petroleum and LNG shipping. HHI said that it was selected as the preferred bidder for the US$ 660 million deal in August, and is currently negotiating details of the contract.  Hyundai Heavy's shipyard.The South Korean shipyard is also working with Russian state-owned sh

[THE INVESTOR] Hyundai Heavy Industries and Russia’s Far Eastern Shipbuilding and Ship Repair Center will set up a joint venture, the South Korean company said on Sept. 4.Under the agreement, the companies will set up a joint venture specializing in ship design and shipbuilding project management.  A signing ceremony between Hyundai Heavy and Russian counterpart. Hyundai Heavy IndustriesFar Eastern Shipbuilding and Ship Repair Center is a Russian state-owned shipbuilder. The South Korean company

[THE INVESTOR] Admitting that the technical gap is closing between South Korean electronics giants and Chinese competitors, the head of LG Electronics said Sept. 2  that he would take the firm’s new high-end lineup of LG SIGNATURE as a vehicle to enhance its brand value and customer loyalty worldwide.Jo Seong-jin, CEO of the home appliance and air solution company of LG Electronics, also implied that the company is taking a different approach in premium marketing from its rival Samsung.Jo Seong-

[THE INVESTOR] The South Korean government will consider expanding the number of ports of call across the globe for national vessels as part of measures to minimize the impact of Hanjin Shipping’s court receivership on the country’s exports. According to the Ministry of Oceans and Fisheries on Sept. 4, senior officials from nine economic-related ministries discussed additional measures to deal with the possible impact of the fallout of the country’s largest shipper that applied for a court recei

[THE INVESTOR] The Korean Teachers’ Credit Union and the Teachers Insurance and Annuity Association of America signed a memorandum of understanding on Aug. 30 to establish a joint real estate investment firm. The KTCU revealed on Sept. 1 that the MOU calls for a real estate investment firm that could see up to US$1 billion injection from the two organizations. Under the plans, the two sides will establish the JV before Dec. 1.The two organizations have been collaborating since 2012, and signed a

[THE INVESTOR] Shin Dong-joo, former vice chairman of Lotte Holdings in Japan, will be summoned for questioning on Sept. 1 as a suspect in the ongoing investigation into Lotte Group. Dong-joo is the eldest son of Lotte Group founder Shin Kyuk-ho. He was pushed aside by his younger brother Shin Dong-bin in the struggle to take control of the group in place of their father. Shin Dong-joo(left), former vice chairman of Lotte Holdings in JapanAccording to the Seoul Central District Prosecutors’ Offi

[THE INVESTOR] South Korean university graduates’ lack of drive for starting businesses will hold back the country’s potential growth rate, Asian Development Bank principal economist Park Dong-hyun said on Aug. 31.Speaking at the Asia Venture Capital Journal’s private equity and venture forum in Seoul, Park said that lack of business drive among students is a major negative factor coming from within the country.  Asia Development Bank pricipal economist Park Dong-hyunRegarding external factors t

[THE INVESTOR] LIG Investment and Securities projected on Aug. 31 that Tongyang Magic could fetch up to 1 trillion won (US$893.38 million). Related article : AJ Networks, SK Networks head of pack in Tongyang Magic takeover“There is talk that Tongyang Magic, which was sold for 280 billion won in 2014, will be sold for 600 billion won. The final price is expected to be minimum of 600 billion won, and could be more than 1 trillion won,” LIG Investment researcher Kim Tae-hyun was quoted as saying by

[THE INVESTOR]The National Tax Service is investigating a number of private equity funds’ clients on suspicion of tax evasion, a local daily reported on Aug. 30.According to the South Korean daily Seoul Economic Daily, the NTS has evidence that a number of individuals who invested in PEFs investing in overseas assets have evaded inheritance, gift and capital gains taxes. Citing an unnamed finance industry source, the daily reported that wealthy investors have long used PEFs to evade inheritance

[THE INVESTOR]  The sale process for Kumho Tire will begin in September, industry sources said on Aug. 30.The tire maker’s creditor banks plan to announce the sale on Sept. 20, and receive preliminary bids mid-November. The banks expect the final bids to be submitted by around January 2017.The bid is for 42.1 percent of the company held by Woori Bank, Korea Development Bank and other financial institutions. The booth of Kumho Tire at Tokyo Auto Salon 2016 displays a racing car fitted with the fi

[THE INVESTOR] The Korea Exchange said on Aug. 29 that a decision on delisting Daewoo Shipbuilding and Marine Engineering will be taken by the end of next month. The bourse operator said that a decision will be made by Sept. 29, saying that the matter has been put up for review following revelations that the company violated accounting regulations. The embezzlement and other illegal actions alleged to have been taken by former DSME executives also contributed to the company being designated for

[THE INVESTOR] Hyundai Heavy Industries’ labor union on Aug. 29 filed an injunction against the company’s restructuring plans. The union claims that the company’s restructuring plans are being executed in violation of labor laws, and without any negotiations with the union. The union also claims that the company selected workers for the voluntary redundancy program without consulting the concerned workers, and has been pressuring them to resign.“The company has oppressed the union and its member