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[THE INVESTOR] Four former and current senior officials of state-run Korea Development Bank have decided to return their performance-based bonuses, the bank said on July 2.
The fours executives include former KDB chief Hong Kyttack who recently quit the Asian Infrastructure Investment Bank over a scandal involving his job at KDB and incumbent KDB vice chairman Ryu Heui-kyoung.
The surprise move comes as the policy lender is struggling to renew its image after reports have revealed that it had not properlyshouldered its responsibilities while attempting to restructure financially troubled shipbuilders and shipping lines in the country.
Last week, KDB offered its own self-reform measures.
KDB is the main creditor bank of three major shipbuilders placed under court receivership -- Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries and STX Offshore & Shipbuilding. It is also the main creditor of the country’s two major shipping lines -- Hanjin Shipping and Hyundai Merchant Marine.
Currently, KDB carries a debt exposure worth 4.5 trillion won to Daewoo Shipbuilding alone.
(theinvestor@heraldcorp.com)
The fours executives include former KDB chief Hong Kyttack who recently quit the Asian Infrastructure Investment Bank over a scandal involving his job at KDB and incumbent KDB vice chairman Ryu Heui-kyoung.
The surprise move comes as the policy lender is struggling to renew its image after reports have revealed that it had not properlyshouldered its responsibilities while attempting to restructure financially troubled shipbuilders and shipping lines in the country.
Last week, KDB offered its own self-reform measures.
KDB is the main creditor bank of three major shipbuilders placed under court receivership -- Daewoo Shipbuilding & Marine Engineering, Samsung Heavy Industries and STX Offshore & Shipbuilding. It is also the main creditor of the country’s two major shipping lines -- Hanjin Shipping and Hyundai Merchant Marine.
Currently, KDB carries a debt exposure worth 4.5 trillion won to Daewoo Shipbuilding alone.
(theinvestor@heraldcorp.com)
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