KDB chairman Lee Dong-gull wins second term
The Korea Development Bank has announced that its chairman Lee Dong-gull has been named to lead the policy lender for another three years.
Lee's second term, which began on Friday, came amid a series of stalled corporate sell-off deals, including how to normalize Asiana Airlines.
Major property developer HDC Hyundai Development had sought to acquire the country's second-biggest airline, but the KRW2.5 trillion ($2.1 billion) deal appears likely to collapse due to differences over acquisition terms.
Lee met with HDC Chairman Chung Mong-gyu late last month and reportedly suggested massive financial support to save the deal from falling through.
But HDC once again demanded another round of due diligence on Asiana, which was already rejected by the creditors and Kumho Industrial.
Once the two sides announce the deal's collapse, Asiana is expected to be placed under the control of its creditors - KDB and the Export-Import Bank of Korea - and undergo restructuring to find a new owner.
