Korea Blasts Ford Motor for Lack of Business Ethics
Creditors of the insolvent Daewoo Motor yesterday attacked Ford Motor Co., priority negotiator who pulled out its bid without stating any reasons, for the U.S. automaker's lack of ``ethics expected of a corporate citizen Ford's size.'
``Ford's act is in violation of business ethics expected of a corporate citizen Ford's size,'' Daewoo Motor's main creditor Korea Development Bank (KDB) president Uhm Rak-yong told reporters after the emergency meeting of the creditor banks at Bankers Club.
Uhm said that at present he neither considered any punitive action against Ford nor were there any ways of having it account for a major drop in the Daewoo Motor value or adverse effects Ford's pullout is causing, since the process was nonbinding.
In order to prevent the recurrence of a similar incident, he said that the creditors would set up a preventive device when a deal is initialed such as forcing the perspective buyer to deposit a certain sum of money.
Uhm also dismissed DaimlerChrysler's statement of no interest in Daewoo Motor as less than credible, saying, ``Its strategic partner Hyundai Motor explains that DaimlerChrysler is interested in Daewoo and it is not in a position to stay aloof.''
He assured that there would be no problem as to what some critics say is a potential monopoly to emerge from the Hyundai-DaimlerChrysler's takeover of Daewoo Motor. Hyundai accounts for about 70 percent of the domestic market, while Daewoo maintains a 25 percent share. …