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KDB Head Slams Daewoo Motor Sale Talks

President Jung Keun-young of the state-run Korea Development Bank said Wednesday that the ongoing negotiations to sell off Daewoo Motor have not been based on business ideals but politics.,

Jung told reporters that a "business-minded" handling of the sales would solve every concerned issue,, adding that under an economic approach creditors would sell the marketable assets to General Motors at reasonable prices,, while excluding those assets that which would not receive a reasonable prices.

Jung explained that the real estate value of Daewoo Motor's Pupyeong plant is estimated at W2 trillion,, which could easily balloon when if use of the land was changed.

Jung,, however,, said that the problem of the Pupyeong plant is that it contains production facilities that do not generate any profits as well as militant workers who have been voicing their opposition to the sale.

Jung also remarked that Daewoo's component suppliers and workers have been suggesting that Daewoo Motor had better be handed over to GM for free. Jung countered the claim by asking that if it was okay to simply write off the massive losses at creditor banks which are supported by taxpayers.

Jung said that there was no set schedule to complete the negotiations and added that his bank has counter-measures ready in case the negotiations break down.

(Sunwoo Jung,, jsunwoo@chosun)

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In 1947, a 17-year-old Parisian, Claude Calmettes visited his great aunt and found by chance a photo album wrapped in silk. The album contained pictures of exotic places he had never seen before.

[Song Hee-young] An Internet Coup

The government announced a plan to foster venture businesses which included a W1 trillion fund,, but all it contained were objectives and figures. Other parties are preparing to announce their policies for this around the general election,, but it is unlikely that they will be much different. If the plans for venture businesses are all like the government's,, then only those people who wander around government offices will get money and the only business to flourish will be entertainment places sited by administrative buildings.


Internet companies,, venture businesses and SOHOs are not ones that can be nurtured by government,, they are free from interference by officials and so all the administration should do is not hamper them. They are alienated from established financial organizations and cannot make contracts with big businesses or the government. The established economic powers always look into past records or contracts and are scared of foreign faces. New emerging entrepeneurs therefore had to wander around outside this.


The new businesses had to go to the KOSDAQ and established businessmen tried to look down on the young entrepeneurs who raised big money on this market, from angels and overseas funds. This is a completely different way of funding compared to established businessmen and chaebol owners who when in need of money went to bank owners,, politicians and government officials. So in the Korean economy there are new emerging businessmen who are not linked to the vicious circle of collusion that brought the country to its knees two years ago.


In the US and Japan the boom centered around the internet is interpreted as a generational revolution without ideology. This means for the first time in the economic history of mankind,, the younger generation have led an economic coup. In addition it has been a borderless revolution that shows success or failure in a relatively short time.


If the government and politicians really wanted to help internet and venture businesses or SOHOs then they should share the privileges that had been enjoyed by chaebol, financial institutions and economic bureaucrats. For instance,, the money market needs to be opened so that emerging companies can acquire cheap loans easily. It may be necessary to open another stock market or invite the NASDAQ to Korea. Newly emerging businesses can only grow when there is an excellently run stock market.


Also,, the privileges enjoyed by chaebol and big companies must be shared. The government should change legislation so that e-commerce companies can win government contracts. If the government sticks to its outdated behavior of only giving contracts to businesses with previous track records,, then e-commerce will not survive.


To raise venture capital companies government officials must change their practices. I have witnessed young entrepeneurs criticize the government and its officials regarding regulations,, as Korea's services are not up to the standard of the US where a company can register by using the internet. Allowing registration through the internet would mean laying off officials, but the governemnt appears t6o lack the determination to make the sacrifice.


(January 27,, 2000)

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In 1947, a 17-year-old Parisian, Claude Calmettes visited his great aunt and found by chance a photo album wrapped in silk. The album contained pictures of exotic places he had never seen before.