April 20, 2024

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[THE INVESTOR] The head of the state-run Korea Development Bank said on Oct. 22 he is not “unconditionally” opposed to a controversial plan by General Motors’ Korean unit to spin off its research unit.

Lee Dong-gull, governor of the KDB, also told a parliamentary audit meeting that GM Korea notified the KDB of the spin-off plan earlier this year when the two sides were in talks over a rescue package for GM Korea. 

GM Korea’s shareholders approved the spin-off plan on Oct. 19, sparking concerns that the US carmaker may keep only its research facility in Korea and eventually shut down its manufacturing facilities here.

“We are not unconditionally opposed to the spin-off,” Lee said, adding that the spin-off plan could benefit GM Korea.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)