GM is shaking down South Korea’s taxpayers

general motors headquarters detroitLouLouPhotos / Shutterstock.com

  • The South Korean government owns 17% of GM Korea, and may have to reach into its wallet for $ 1 billion.
  • The plant has lost money, with production now down 44%.
  • General Motors wants South Korea to give the location tax breaks, in return for over $ 2 billion of debt to be converted into equity.

It follows the playbook: It started on February 12, when General Motors announced the “first step” in the “necessary restructuring” of its GM Korea unit. It would “cease production” and shut down its factory in Gunsan “by the end of May 2018.” The “next steps” would affect the three remaining plants, whose fate would be decided “by the end of February.”

Here’s the verbalization of the shakedown:

See the rest of the story at Business Insider

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Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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