Rock the house: Hanbo Steel's collapse rattles Korea Inc
Article Abstract:
The Hanbo Iron & Steel Co bankruptcy in south Korea has had a severe impact on the already shaky economy, according to some. However many analysts believe that the bankruptcy only serves to show how South Koreas outmoded financial and corporate systems urgently need fixing. It has also meant that international financial lenders are scrutinizing Korean banks and companies more carefully. The government has recently launched the Presidential Commission on Financial Reform with a mandate to prepare domestic financial firms for full marketing opening after 2000.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1997
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Hanbo's legacy
Article Abstract:
There are political repercussions of the collapse of Hanbo Steel, causing setbacks for South Korean President Kim Young Sam, damaging his image as a reformer. Kim has publicly apologised to the nation and reshuffle his cabinet, staff and ruling New Korea Party. In the Hanbo case the responsibility for bad loans fell mainly on the bank managers and the effect has been to cut links between the government and the commercial banks. The Hanbo collapse is seen as an accident of the Korean economy's transition towards liberalization and globalization.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1997
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The barriers fall
Article Abstract:
South Korea is anxious to attract foreign currency and many multinational companies are lining up to buy shares in Korean companies at knock-down prices. Seoul owes $155 billion to foreign creditors so the current deals, which have raised an estimated $5.2 billion, with another $5.6 billion currently being negotiated, will make little impression on the debt. A continuing economic slump will deter foreign investors so sellers are aiming to get as much as they can from the deals. Many foreign companies are buying out their Asian partners.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1998
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