South Korea to complete due diligence on GM by early May

As per state-funded Korea Development Bank, General Motors is cooperating with its due diligence efforts and more documents more are streaming in.

On Thursday, South Korea stated it expects to complete its due diligence on General Motors Co’s local subsidiary by May.

The move comes midst the South Korean government weighing its option of injecting tax payer’s money into the U.S automaker’s loss-making plant.

“We aim to complete due diligence by the end of April, but expect the process to continue until early May,” said Lee Dong-geol, Chairman of Korea Development Bank.

He went on to add, due diligence was progressing well and that GM was submitting more documents for its review.

In February 2018, U.S. automaker General Motors stated it plans on downing the shutters of one of four of its factories in South Korea and that the fate of the remaining three depends on the support it receives from the government and wage concession from its workers union.

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