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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] As KT moves forward with the sale of its highly profitable hotel assets, former executives have issued a statement expressing concerns about the company's future competitiveness.
According to Edaily on Monday, dozens of former KT executives, including Kim Tae-ho, former Head of Innovation Planning (and former CEO of Seoul Metro), Kim Seong-man, former Head of Network Division, Lee Kang-geun, former CEO of KT Linkus, Kim Myung-dong, former Head of Public Customer Division, and Gong Seong-hwan, former Head of Business Cooperation, have voiced concerns that asset liquidation could negatively impact KT’s long-term growth.
KT has announced plans to sell real estate assets, including major hotels such as Shilla Stay Yeoksam and Andaz Seoul Gangnam, located in prime areas of Seoul.
These hotels are considered lucrative assets with high investment and operational returns. The company has appointed advisory firms Avison Young, Samjong KPMG, and Colliers Korea to oversee the sale. The proceeds will be used to expand investments in artificial intelligence (AI) businesses.
However, KT’s former executives worry that the decision may be driven by short-term financial gains. In a statement shared via a KakaoTalk group chat and later reported by Edaily, they questioned whether the sale was primarily intended to boost shareholder returns. They stressed the need for a cautious approach if the liquidation is meant to fund AI expansion and called for a long-term strategic plan to safeguard KT’s future competitiveness.
Since the hotels being sold are high-revenue assets located in Seoul’s key commercial districts, the former executives fear that selling them to focus on the uncertain AI sector could increase financial risks and weaken KT’s overall market position.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
