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Lee Hyo-sik

Korea Times Finance Reporter

Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.

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Companies

공정위, 대림산업 등 삼척 LNG 공사 입찰담합 제재절차 착수

이준용 대림산업 명예회장-대림산업, 두산중공업, 현대건설 등 13개 기업이 대상-다음달에 전원 회의를 열어 제재 수위를 결정할 방침 (서울=코리아타임스) 이효식 기자 = 공정거래위원회는 가스공사가 발주한 삼척 액화천연가스(LNG) 저장탱크 공사에 참여한 대림산업과 12개 건설업체에 대해 입찰 담합 혐의를 적용, 제재에 착수 했다.대림산업 등 해당 건설자들은 이번 담합으로 기업 이미지에 악영향을 미칠 것으로 우려하고 있다. 또한 글로벌 불경기인 상황에서 해외 수주 활동에도 부정적 영향을 미칠 것으로 보인다.22일 공정위에 따르면 지난 12월에 대림산업, 두산중공업, 현대건설 등 건설사 13곳에 LNG탱크 공사 입찰 과정에서 공정거래법을 위반했다는 내용의 심사보고서를 통보했다. 이어 지난달에는 이들 13개 업체들로부터 담합 의혹 관련 의견서를 제출 받았다.공정위는 이르면 다음달에 전원 회의를 열어 제재 수위를 결정할 방침이다. 일각에선 최고 5천억원의 과징금 부과를 전망하고 있다.공정위 관계자는 “상반기 중 빠르면 다음달에 전원회의를 열어 위법성 여부와 조치 수준 등을 결정할 것” 이라고 말했다.LNG 저장탱크 공사 입찰은 2005년부터 2012년까지 총 13공구로 나눠 진행됐다. 이 과정에서 건설업체들은 2005년(5개 공구), 2007년(4개 공구), 2009년(4개 공구) 총 3차례에 걸쳐 입찰 전에 모임을 갖고 사전에 각 공사별로 낙찰 예정사를 담합한 것으로 알려졌다.1단계는 대림산업이 2단계는 두산중공업이 3단계는 현대건설이 수주했다. 공정위에 의하면 이들은 주로 일정 금액 이하로는 투찰하지 않기로 담합을 하였다. 낙찰 예정사 외 업체들은 입찰에서 투찰률(예정가격 대비 투찰가격의 비율)을 높게 써내는 방식으로 입찰 들러리를 섰다.한편 가스공사는 공정위 조사가 마무리 되는대로 해당 건설사를 대상으로 대규모 손해배상 소송을 제기할 것이라고 말했다. 가스공사 관계자는 “공정위가 담합으로 결론을 지으면 우리는 즉각 삼척프로젝트에 참여한 건설사를 대상으로 손해배상 소송을 제기할 것이다. 우리의 입장은 확고하다”고 말했다.

Feb 22, 2016By Lee Hyo-sik
공정위, 대림산업 등 삼척 LNG 공사 입찰담합 제재절차 착수
Companies

SK Group chief vows to fight off downside risks

SK Group Chairman Chey Tae-won speaks during a ceremony marking the start of the year at the Sheraton Walkerhill Hotel in eastern Seoul, Monday. / YonhapBy Lee Hyo-sikSK Group Chairman Chey Tae-won vowed Monday to fight off a host of downsize risks this year, stressing that he will not let his personal life distract him from managing Korea’s third-largest family-controlled conglomerate.Chey said SK would continue to expand investments and hire workers to bolster its core competence and find new growth engines, while sharing growth with small business partners and local communities.“We will take all possible measures to ride out the ongoing difficulties,” the chairman said during a ceremony marking the start of the year at the Sheraton Walkerhill Hotel in eastern Seoul. “I will take the lead in turning risks into opportunities.”Chey said SK would help more young people start businesses and nurture social enterprises as part of its efforts to give back to communities.The chairman made his first public appearance since Dec. 29 when he revealed he had been h

Jan 4, 2016By Lee Hyo-sik
Companies

Hyundai Motor Group seeks to sell 8.13 million cars in 2016

Hyundai Motor Group Chairman Chung Mong-koo speaks during a ceremony, marking the start of the year at the company’s headquarters in southern Seoul, Monday. / Courtesy of Hyundai Motor GroupAutomaker to spend more on research, promote GenesisBy Lee Hyo-sikHyundai Motor Group is projected to sell at least 8.13 million vehicles across the globe this year, up slightly from last year’s 8.01 million, by increasing sales in the United States and China, its chairman said Monday.Chairman Chung Mong-koo also said that Korea’s largest automaker will invest more in research and development (R&D) in order to hone its expertise on smart, eco-friendly vehicles, as well as promoting the EQ900 (globally named G90), the first vehicle under its premium Genesis brand.“The automobile industry will face a structural shift toward eco-friendly, automated vehicles amid intensifying competition,” Chung told employees during a ceremony at company headquarters in southern Seoul, Monday. “Against increasingly uncertain market conditions, it is important for us to secure c

Jan 4, 2016By Lee Hyo-sik
Companies

Jin Air faces stringent safety inspection

By Lee Hyo-sikMa Won, Jin Air CEOAviation authorities will conduct a stringent safety inspection on Jin Air and other domestic low-cost carriers (LCCs) this month, after a series of safety lapses.The check is expected to raise consumer concerns over the carriers’ operational safety.The Ministry of Land, Infrastructure and Transport said Monday that its inspectors will soon begin an unscheduled safety inspection on the nation’s six low-cost carriers ― Jeju Air, Jin Air, Air Busan, T’way Air, Eastar Jet and Air Incheon.Air Incheon is a freight operator based at Incheon International Airport.“A growing number of travelers flying with budget carriers complain about a string of incidents plaguing the airlines,” a transport ministry official said.Flight cancellations and delays had mostly been caused by various safety lapses, he said.“We need to ensure that low-cost airlines operate in accordance with rules and regulations,” the official said.He said the ministry would examine how LCCs handled safety-related matters and whether the carriers ab

Jan 4, 2016By Lee Hyo-sik
Jin Air faces stringent safety inspection
Companies

Shin named vice chairman of World Chambers Federation

By Lee Hyo-sikShin Bark-jaeNPX Semiconductors Korea Chairman Shin Bark-jae won a second-term as vice chairman of the World Chambers Federation (WCF) at the organization’s general meeting in Paris, the Korea Chamber of Commerce and Industry said Monday.Shin, who has been serving in the post since September 2012, will remain through Dec. 31, 2018.The WCF, affiliated with the International Chambers of Commerce (ICC), issues certificates of origin for 2,000 ICC members in 140 countries, promoting cross-border trade.“I will continue to do my best to reflect the interests of Korean companies at the international organization that sets rules for cross-border trade,” Shin said after winning the three-year term. “I will also play a part in raising the global profile of domestic firms.”

Jan 4, 2016By Lee Hyo-sik
Shin named vice chairman of World Chambers Federation
Companies

Has Jeju Air grown too fast?

Safety lapses, inadequate training plague Korea’s largest LCCBy Lee Hyo-sikJeju Air CEO Choi Kyu-namJeju Air, Korea’s largest low-cost carrier (LCC), has been plagued by safety lapses in recent months, inconveniencing thousands of customers.The budget carrier, founded in 2005, has been mobilizing resources to expand routes and attract as many travelers as possible to catch up with the country’s two flagship carriers ― Korean Air and Asiana Airlines.However, the company has been paying less attention to strengthening the operational safety of its fleet and the training of pilots and other crew members, industry analysts said Wednesday.They caution that if Jeju Air, headed by CEO Choi Kyu-nam, continues to increase the number of routes as it has by operating its aging airplanes excessively, it will likely be involved in more serious incidents, which could result in casualties.On Dec. 23, a Jeju Air’s Boeing 737-800 bound for Jeju International Airport from Seoul suddenly nosedived, sending 152 passengers into panic, with dozens sustaining injuries. The plan

Dec 30, 2015By Lee Hyo-sik
Has Jeju Air grown too fast?
Opinion

Changing name will not bolster Daewoo International

By Lee Hyo-sikKim Young-sangDaewoo International CEODaewoo International, headed by CEO Kim Young-sang, has decided to change its name, hoping this may help it ride out a host of difficulties.It was unusual for the company to retain its name after being acquired by POSCO, Korea’s largest steelmaker, in 2010. Normally in a takeover, the buyer changes the name of the acquired firm to inject its own identity.But POSCO has allowed the struggling trading and resources development company to keep its name for so long in a bid to appease disgruntled company employees, most of whom yearn for the good old days when the now-defunct Daewoo Group “ruled the world.”With the firm plunging into a slump amid falling commodity prices and sluggish global trade, it has finally decided to be a part of the POSCO family.To show its affiliation with parent POSCO, the new corporate name will likely include the word “POSCO.” Given its need to retain the Daewoo brand, which is well known abroad, Daewoo International will likely be renamed POSCO Daewoo.The high-profile conflict be

Dec 30, 2015By Lee Hyo-sik
Changing name will not bolster Daewoo International
Companies

Kumho Group reclaims holding company

By Lee Hyo-sikKumho Asiana Group said Tuesday that it has taken back control of its holding company, Kumho Industrial, six years after the company was subject to a creditor-managed workout program.In 2009, the group had to sell a controlling stake in the holding firm to the Korean Development Bank and other creditors to secure much-needed cash to cope with its worsening liquidity shortage following the 2008 global financial crisis.Regaining the holding firm is seen as a first step for Kumho Chairman Park Sam-koo to rebuild what was once the eighth-largest conglomerate in Korea.The group said Kumho Enterprise, an entity recently set up by Park, made a 722.8 billion won ($623 million) payment to creditors for a 50 percent plus 1 share in Kumho Industrial. It holds a 30.1 percent stake in Asiana Airlines, Korea’s second-largest flagship carrier, and a 46 percent stake in Air Busan, as well as owning Kumho Terminal and the group's headquarters building in downtown Seoul.After a series of negotiations, Park and company creditors signed a stock purchase agreement in September.In Octo

Dec 29, 2015By Lee Hyo-sik
Companies

BAT Korea has new CEO

By Lee Hyo-sikErik StoelBritish America Tobacco Korea (BAT Korea) said Tuesday that it has promoted marketing director Erik Stoel to CEO, who will replace outgoing Guy Meldrum on Jan. 1, 2016.Stoel, born in the Netherlands, has been marketing director at BAT Korea for the past three years. He has made a substantial contribution to the tobacco maker by turning its flagship brand Dunhill into one of the country’s best selling brands, the company said.Stoel has also successfully introduced a new sales and distribution structure, enabling BAT Korea to become the first multinational fast-moving consumer goods maker in Korea to adopt such a system.“I am honored to have been given the opportunity to continue working with such an outstanding group of leaders here in BAT Korea,” Stoel said. “As BAT Korea is a strategically important market for the BAT Group, we will make sure that we continue our journey for growth by providing Korean consumers with innovative and high quality products that meet with their trendy preferences.He said the company will try to ship more ci

Dec 29, 2015By Lee Hyo-sik
BAT Korea has new CEO
Companies

Doosan unlikely to get good price for machine tool biz

By Lee Hyo-sikDoosan Infracore, the construction equipment unit of struggling Doosan Group, will not get the price it wants for its machine tool business as potential bidders are unwilling to pay more than what it is worth, according to industry sources, Tuesday.Three entities were confirmed to have submitted bids to the manager of the sale, Credit Suisse, for Doosan’s most profitable division. The bidders are MBK Partners, Standard Chartered Private Equity and Fair Friend Group, a machine tool maker in Taiwan.Industry officials say that either MBK or Fair Friend Group will likely be selected as the preferred bidder later this month.The bidders reportedly expressed their willingness to pay between 1.2 trillion won and 1.3 trillion won for the division, falling short of 2 trillion won that Doosan Infracore has been expecting to earn from the sale.Despite the significant price gap, Doosan is widely expected to unload the machine tool unit at whatever price the buyer is willing to pay, as the company is desperate to secure much-needed cash to improve its worsening bottom line.&ldq

Dec 22, 2015By Lee Hyo-sik
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