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Hanjin creditor bank chairman says caution needed in selling S.Korean shipper
October 4, 2016 / 9:47 AM / a year ago

Hanjin creditor bank chairman says caution needed in selling S.Korean shipper

SEOUL, Oct 4 (Reuters) - The chairman of Korea Development Bank (KDB), the lead creditor for both Hanjin Shipping Co Ltd and Hyundai Merchant Marine Co Ltd, said on Tuesday that caution is needed before any move is made to sell a South Korean shipper.

KDB chairman Lee Dong-geol was speaking at a parliament hearing, and also said that South Korea must maintain one national shipper.

The remark comes after local speculation about a foreign shipper potentially buying Hanjin assets or Hyundai Merchant Marine moved share prices for both companies last week.

Hanjin Shipping, which applied for court receivership in late August, is due to submit a rehabilitation plan to a Seoul court in December.

Reporting by Joyce Lee

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