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Korean bank imposes conditions on Daewoo workers

The Korea Development Bank (KDB) has agreed to help the major, hard-tried shipbuilder Daewoo, but only if the company freezes its workers’ wages and ensure they refrain from industrial action.

Photo: Thorbjørn Hansen

The state-owned Korea Development Bank (KDB) has agreed to come to the aid of the country’s largest shipyard, Daewoo Shipbuilding & Marine Engineering, but not without imposing certain conditions on the struggling shipbuilder, according to IHS Maritime 360.

KDB will provide aid totaling KRW 4 trillion, or some USD 3.53 billion, to Daewoo. In return, the bank requests that the company’s employees refrain from industrial action and that the shipbuilder implement wage freezes.

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