Saturday, February 28, 2009

Korean Car Filed Bankruptcy Notice

One by one of those famous companies are packing up or facing financial difficulties in this current world recession. What world recession? It's already happening but not deep into it. Few days ago, I blogged about The Royal Bank of Scotland Berhad ...............

Now another foreign company that is having business interest in Malaysia has filed for bankruptcy at their home base. This time, it's Ssangyong Motor Company ("SMC") of South Korea.

SMC has been bought over by Shanghai Automotive Industry Corp. ("SAIC") which is based in China. SAIC in turn is owned by General Motors Corp. and Volkswagen AG. Pity those SMC staff as their salaries have not been paid since December 2008 and the shares have been suspended in the Korea Exchange.

The only Malaysian company that is distributing the Korean made cars, Competitive Supreme Sdn Bhd, could be faced with a dilemma. Will the distribution be affected? Will current Ssangyong car owners face problems in obtaining their car spare parts?

Just when I fell in love with their Ssangyong Actyon Sports.

Reading: Ssangyong Motor files for bankruptcy - China Daily
Tags: Ssangyong Motor Company, Competitive Supreme Sdn Bhd, Ssangyong Actyon Sports, Shanghai Automotive Industry Corp, Korean Made Car, South Korea

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