Business Services Industry
UNION OF S KOREA'S KEB CREDIT CARD SERVICE TO SEEK INJUNCTION.
AsiaPulse News, December, 2003
SEOUL, Dec 9 Asia Pulse - The labor union of Korea Exchange Bank Credit Card Service Co. plans to seek a court injunction against a board decision to merge the company with Korea Exchange Bank (KEB), a union official said today.
On November 28, the board of KEB Credit Service agreed on consolidation with KEB, its controlling shareholder and South Korea's sixth-largest lender.
"We plan to file a suit to stop the merger this week," the official said. "At the time (of the decision), the board failed to achieve a quorum."
Seven of the board's eight members were required to be present at the meeting, but only five directors decided on the merger with KEB, he added.
"KEB is unilaterally pushing for the consolidation without any consultation...
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