Two Year Delay for the Sale of Woori Financial Holdings Company

The April 2005 deadline for the sale of Woori Financial Holdings Company will be set back two years longer to 2007. Also, if necessary, the deadline may be prolonged a year longer with prior approval from the National Assembly.

The Finance and Economy Committee of the National Assembly passed a revised bill for the financial holding company law with the above details at a plenary session on Thursday, December 23. This is a countermeasure to prevent Woori Financial Holdings Company from being sold at too cheap a price as a result of being pressed by the deadline. Meanwhile, the comprehensive real estate tax law, which the ruling and opposition parties showed different views on at the subcommittee meeting, was not issued at the plenary session, showing uncertainty of its legislation within this year.

Young-Hae Choi yhchoi65@donga.com