GM Korea held a board of directors' meeting and a temporary shareholders' meeting on Dec. 18 and made a decision for the separation of R&D Corp. Related to this, the Korea Development Bank (KDB) has decided to withdraw its application for provisional disposition regarding the separation of R&D Corp., shifting to an approval.
According to automobile industry sources on Dec. 18, GM Korea held such meetings amid attendance of KDB officials and passed a proposal to separate R&D Corp.
The KDB reportedly decided to approve the business plan submitted by GM Korea after entrusting a professional consulting service agency to review it.
Meanwhile, the labor union protested strongly. In a statement on the same day, the GM Korea union said, "The surprise shareholders' meeting, which was held after thoroughly organizing everything in advance, is a scam to the public. We can never recognize the shareholders' meeting who unilaterally pushes ahead without the union."
The union also said, "We would immediately hold a meeting of the central dispute countermeasure committee if the company rules out the union and strongly respond to it, including a general strike, the last resort."