Kumho Disputes Creditor Evaluation - Tire Review Magazine

Kumho Disputes Creditor Evaluation

Kumho Tire Co. is taking legal action against the Korea Development Bank’s (KDB) evaluation of its management, according to Korean media.

Kumho Tire Co. is taking legal action against the Korea Development Bank’s (KDB) evaluation of its management, according to Korean media.

Earlier this month, KDB announced a rating of management at Kumho Tire in 2016 as “D.” The tiremaker claimed the rating was unfair and made artificially for a special purpose.

“The official rating of Kumho Tire by the KDB is an obvious defamation against the management of Kumho Tire,” said Lee Han-seop, president of Kumho Tire.  “We disagree on this and will appeal for re-rating and devise all legal measures.”

Kumho claims that KDB has lowered the credibility of its management evaluation by mentioning that it can replace the management team by rating Kumho Tire’s management D in the process of selling Kumho Tire, Business Korea reported.

“The KDB deliberately lowered its qualitative rating score to make the management rating of Kumho Tire’s D (less than 70 points),” Kumho Tire added. “Considering Kumho Tire’s achievement of its management plan in 2016, at least, the score of 2016 should eclipse the previous year’s.”

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