Road kill: Kia collapse compounds South Korea's woes
Article Abstract:
The Kia Group of South Korea, a car maker, and the country's eight largest conglomerate, has recently been placed under a bank alliance protection. The bank alliance was formed following the collapses of Hanbo and Sammi, to prevent further bankruptcies. Kia had seen car sales fall and its expansion into the steel and construction sectors, had spread resources thinly. Its debts total 11.8 trillion won, but measures to turn its fortunes around include a reduction in the number of subsidiaries, the sale of real estate and job reductions.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1997
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Family planning: Suharto sons' rivalry drives national-car project
Article Abstract:
Presidential decrees in February and early June 1996 gave Indonesian president Suharto's son Hutomo 'Tommy' Mandala Putra and his Kia-Timor Motors crucial advantages in developing and selling cars. No one is surprised at the favoritism, but Tommy's older brother Bambang Trihatmodjo heads Bimantara Cakra Nusa, far better positioned to develop a national car. Mystery still surrounds the sons' lobbying methods and their father's decisions in such matters. Bimantara's sales have fallen 20% since the project was announced.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
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All in the family
Article Abstract:
President Suharto of Indonesia's immediate grant of a special concession to his son Hutomo 'Tommy' Mandala Putra's new car venture further upsets a business community concerned about sweetheart deals between business and govt. On Feb 26 S Korea's Kia Motors and Tommy's business group Humpuss announced a $1 billion joint venture to build Kia sedans in Indonesia. The next day Suharto gave the venture 'pioneer status,' despite its not meeting the criteria. Business leaders say this hurts competitiveness.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
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