AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
LG execs dump card unit shares before crisis.
(From The Korea Herald)
By Kim Hyun-chul Major shareholders of LG Cable Co., who also happen to be relatives of LG Group Chairman Koo Bon-moo, sold off their entire shareholdings in ailing LG Card Co. just before the troubled credit-card unit of Korea's second-largest business conglomerate plunged into a liquidity crisis.
LG Card, the nation's top card issuer, said in a public disclosure Friday night, "LG Cable's major shareholders sold all of their 794,450 shares, or a 0.75-percent stake, in the card unit on the local stock market Nov. 18 and Nov. 19." Of the 18 sellers, 16 were relatives of the LG chief, including LG- Caltex Gas Co. Honorary Chairman Koo Pyong-hwoi, LG Cable President Koo Cha-yol, and LG-Caltex Gas Vice President Koo Ja-yong.
Some observers suspect that the sellers might have known about the imminent liquidity crisis at LG Card because they sold the shares two to three days before the card company temporarily halted its cash- advance service due to a liquidity shortage.
However group officials ...
- LG Card Selects ProactiveNet to Ensure Business-Critical Web Application...
- Press release article from: Business Wire January 6, 2004 700+ words
...analysis solutions, today announced that LG Card, South Korea's largest credit card company, has selected ProactiveNet to ensure LG Card's business critical Web operations and...million people in South Korea currently use LG Card credit cards, with transactions totaling...
- Experts unsure over winning bidder for LG Card as sale heats up.
- News wire article from: YON - Yonhap News Agency of Korea March 29, 2006 700+ words
...announced the opening of the sale process for LG Card Co., speculation has mounted over who...billion) bailout from the end of 2003. LG Card, whose business improved sharply through...more aggressive in the efforts to buy LG Card, obviously the only valuable buyout target...
- (LEAD) Creditors Threaten Tough Measures Against LG Card.
- News wire article from: YON - Yonhap News Agency of Korea December 27, 2004 700+ words
...Dec. 27 (Yonhap) -- Creditors of LG Card Co. threatened Monday to "take stern...Tuesday. Creditors own 99.3 percent of LG Card, the country's No. 2 card company...rescue package in January this year. LG Card, a former LG affiliate, is estimated...
- LG Card, Korea's Leading Credit Card Company, Improves Business Performance...
- Press release article from: PR Newswire February 27, 2003 700+ words
...Korea's leading credit card company, LG Card, is improving its business operations...Business Intelligence Platform(TM). LG Card, established in 1988, is Korea's leading...Korean population. "With MicroStrategy, LG Card is making smarter business decisions aimed...
- (LEAD) Templeton Sells LG Card Stake in Stop-Loss.
- News wire article from: YON - Yonhap News Agency of Korea January 14, 2004 700+ words
...that it has sold most of its stake in LG Card Co., South Korea's largest, but debt...million shares, or 10.88 percent of LG Card since Dec. 3 last year. The disposal...million), financial sources said. Despite LG Card's liquidity crisis, Templeton had aggressively...
- LG Card Bailout Blocked by Kookmin Bank.
- News wire article from: YON - Yonhap News Agency of Korea January 6, 2004 700+ words
...Jan. 6 (Yonhap) -- A rescue plan for LG Card Co., South Korea's largest credit...has asked KDB to increase its stake in LG Card to more than 50 percent, a controlling...assume more than a 50-percent stake in LG Card to win market confidence, but the responsibility...
- LG CARD BAILOUT BLOCKED BY KOREA'S KOOKMIN BANK.
- News wire article from: AsiaPulse News January 6, 2004 700+ words
...Jan 6 Asia Pulse - A rescue plan for LG Card Co. (KSE:32710), South Korea's...has asked KDB to increase its stake in LG Card to more than 50 per cent, a controlling...assume more than a 50-percent stake in LG Card to win market confidence, but the responsibility...
- State-Run Bank Opposes Sole Management of LG Card.
- News wire article from: YON - Yonhap News Agency of Korea January 8, 2004 700+ words
...Thursday to a creditors' plan to put ailing LG Card Co. under KDB's sole management, darkening...KDB never agreed on sole management of LG Card," a high-ranking bank official said...accept a plan to entrust the management of LG Card to the bank alone." The fate of LG ...