 |
Headquarters of the Deposit Insurance Corporation. (Image courtesy of the Deposit Insurance Corporation) |
[Alpha Biz= Paul Lee] On February 12, the Deposit Insurance Corporation (DIC) announced that it had filed an injunction with Meritz Fire & Marine Insurance, the preferred bidder for the sale of MG Insurance, against the MG Insurance union for obstruction of business operations.
Last Wednesday, the DIC had selected Meritz Fire & Marine as the preferred bidder for the sale of MG Insurance. However, the due diligence process has not progressed, as the union has raised objections, claiming that sensitive business and personal information is included in the requested documents.
The DIC stated, "Despite efforts to address the union's concerns and reinitiate the due diligence on February 7, the union continued to raise similar objections, obstructing Meritz Fire & Marine's due diligence." The corporation added, "Due to the union's interference, the delay in due diligence could lead to a decline in the company's value, expanding fund losses, and increasing uncertainty for the 1.24 million policyholders."
The DIC emphasized, "Cooperating in the due diligence process and completing the sale will benefit both the MG Insurance union and its workers. We will continue to communicate with the union to ensure the smooth progress of due diligence."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
