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Hyundai Securities head to resign

Posted August. 27, 2000 19:16,   

한국어

Hyundai Investment and Securities Chairman Lee Ik-Chi will resign early this week.

Lee has been pressured to quit by financial authorities and others as the core figure responsible for the latest Hyundai Group crisis. A high-ranking finance official said Sunday that Lee, who is currently facing punitive measures from the Financial Supervisory Service (FSS), recently expressed to the government his intention to resign as chairman of Hyundai Securities. He said that Lee will announce his resignation after he concludes negotiations on foreign capital injection with American International Group Inc (AIG) of United.

Financial Supervisory Commission Chairman Lee Keun-Young indicated that Lee would resign before the FSS takes punitive measures against him, saying ¡°you will soon know how Lee¡¯s situation will be resolved if you watch it for some time.¡±

A Hyundai official also said he understood that chairman Lee expressed his intention to resign recently to a related high-ranking government official and Chairman Chung Mong-Hun, and he will step down honorably after concluding the negotiations on foreign capital attraction.



Lee Byong-Ki eye@donga.com