I paid 800 billion … "The government and mountains hit by GM" | Economy

Photo = Yonhap news

On the 19th, at 2 pm, in front of the Khao Kagem presidential office, on the 3rd floor of GM headquarters in Bupyeong, Incheon. Dozens of members of the GM Korea branch (GM Korea union) blocked the entrance to the president's office. It was to prevent Mr. Kazim from attending the Extraordinary General Meeting of Shareholders. The shareholders' meeting was to be held at the office next to the president's office.

GM Korea has pbaded a resolution to split the R & D division by holding a shareholders' meeting, which is attended only by shareholders such as General Motors (GM) headquarters (76.96% stake). The two largest shareholders (17.02% of the capital) who wanted to disclose their opposition to the separation of the company could not enter the governor of the province. Union members control the entry and exit of employees.

Korea's second-largest shareholder, the Korea Development Bank (KDB), is facing unionists to join the presidential office at Cheongcheon headquarters in Incheon on the 19th. They have been left untouched by GM union members. Korea who took over the president's office. / Yonhap News

◆ GM Korea to separate R & D

GM Korea has decided to split the company into a production subsidiary and a subsidiary of R & D through the general meeting of shareholders. The company has decided to create a "GM technical center in Korea" with more than 3,000 employees in research and development, leaving the production division (10,000 people) in the existing business.

In May, GM decided to add about 800 billion won of new capital to GM Korea. Even though it is the second largest shareholder, it is blamed for not being able to properly control GM's division in Korea. The prosecution rejected a petition filed last Thursday by the court to outlaw the holding of the shareholders' meeting to prevent the separation of GM's research and development company in Korea. "I will carefully examine the legal response," San-eun said.

There is also a debate over whether the veto gained (veto power) obtained by the South Korean company in GM's new investment is "useless". The company announced in May that it had acquired a special veto over the special resolutions (17) of the GM GM Constitution in favor of 85% or more common stock. This means that even with a minority stake (17.02%), the company will be able to modulate 17 major management items, such as the sale and transfer of badets exceeding 20% ​​of total badets. The division of the company is not included in this element. Even though this official was present at the presidency, the mountain would not have been able to prevent the adoption of the program of separation of companies. However, the official said: "The separation of the company falls under the special resolution of the company," he said.

In some cases, the government and the mountain tell GM that they have been killed. The Legislation Committee of the National Assembly is expected to discuss the separation of GM Korea from the national audit held Oct. 22.

◆ "union risk" growing

The union is preparing for a large-scale war. He has already voted and voted for the conflict and has asked for a settlement of the conflict with the Central Labor Relations Commission. The union will strike immediately if the ruling coalition decides to stop mediation on July 22. The union argues that the withdrawal of the company's R & D division is preliminary work for Korea. It is alleged that the objective is to reduce the size of Korea by removing any additional competitiveness in design and research and development and by further restructuring the existing production sector.

On the other hand, it is suspected that the union is pushing for GM "to withdraw its Korean troops" and "opposes the separation of companies" in order to "get bowls of rice". He fears that the power of the union will weaken as society is split in two. Some observers said the strike was intended to put pressure on society and bring it back to the negotiating table to preserve its reduced labor costs.

In this sector, GM Korea is beginning to normalize its activities and, after six months of "union risk", it fears that this will harm production and sales. GM Korea's domestic sales in the first nine months of this year totaled 66,232 units, down 35.3% from the same period last year. If the union goes on strike in this situation, the industry is of the opinion that GM Korea is in danger of falling into this situation.

GM Korea announced the closure of the Gunsan plant on February 13 and the conflict between workers and management has intensified. In the first three months of May, unions and management began to take steps to normalize management by accepting a dramatic reduction in voluntary pensions and benefits. By that time, GM's headquarters had sold $ 2.7 billion (about 2,900 billion won) of loans to GM Korea. GM also promised to award two new GMs to GM Korea. In addition, GM and Sanjin will invest $ 4.3 billion ($ 4.7 billion) in new currency (new currency) over the next 10 years.

Chang Chang Min / reporter Kang Kyung Min [email protected]