Militant unionists forced General Motors to transfer today’s official signing ceremony to buy bankrupt Daewoo Motor from the Hilton hotel to a secret location, subsequently revealed as the headquarters of the Korea Devlopment Bank.
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GM chairman Jack Smith signed the takeover agreement with Daewoo Motor chief Lee Jong-dae and Korea Development Bank head Jung Keun-yong. The bank is the lead creditor for the bankrupt group.
But an estimated 70 to 80 Daewoo Motor Sales union members burst into the planned Hilton venue, shouting slogans against the sale and forcing the signing ceremony to be transferred to a more secure location.
Riot please called after the protestors arrived soon dispersed and calm was quickly restored, reports say.
The Daewoo union workers feared the takeover would lead to mass firings and told assembled reporters they were trying to stop the “fire sale” of their company to an oversea owner.
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By GlobalData
