SEOUL– Dongwon Group, a major South Korean food company, is pushing to acquire McDonald’s Korea, industry sources said Monday, in the food maker’s push to strengthen its restaurant business.
Dongwon Industries Co., the holding company of the group, has been the preliminary sole bidder in the acquisition of McDonald’s Korea, sources said.
The group began its first round of inspection last week and is currently discussing the price.
McDonald’s Korea is wholly owned by its parent company, McDonald’s Corp.
Previously, a consortium led by the private equity fund Carlyle Group and Maeil Dairies Co. tried to acquire the burger franchise in 2016, but the deal fell through after Maeil gave up on the acquisition.
“McDonald’s Korea is seeking a strategic partner to promote our continual growth and development in the Korean market. We are currently reviewing various options and will inform of the development when the time is right,” a company spokesperson from McDonald’s Korea said.
Dongwon did not comment on the acquisition.
Source: Yonhap News Agency
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Opposition leader denies speaking by phone with underwear tycoon accused of money transfer to N.K.
SEOUL– Opposition leader Lee Jae-myung on Monday rejected allegations he spoke by phone with an underwear tycoon accused of sending millions of dollars to North Korea for inter-Korean projects, including Lee’s possible visit to the North, once again disavowing knowing the tycoon.
News reports have said that Kim Seong-tae, former chairman of underwear maker Ssangbangwool Group, told prosecutors that Lee said “thank you” to him over the phone for transferring US$8 million to the North in 2019 on behalf of Lee’s Gyeonggi provincial government for his possible visit to the North and other projects.
The reported remark was seen as evidence countering Lee’s claims he does not know Kim.
Kim reportedly told investigators the phone conversation took place on Jan. 17, 2019, when he was having dinner in China with former Gyeonggi Province Vice Gov. Lee Hwa-young and an official at North Korea’s Asia-Pacific Peace Committee handling inter-Korean affairs.
The vice governor reportedly spoke first with Lee before putting Kim on the line.
On Monday, Lee rejected the claims as groundless, saying he was in a court hearing at the time.
“The dinner was reported to have lasted between around 6 p.m. and 8 p.m.,” Lee said during a party meeting. “Vice Gov. Lee departed (for China) that day, and would he put me on the phone while knowing that I would be away for a court hearing?”
Lee said the court hearing lasted for about six hours from 2 p.m.
Lee called the allegations a “new novel” by the prosecution, saying he and Gyeonggi Province had no involvement in Ssangbangwool’s lobbying of North Korea.
In recent months, Lee has faced prosecution investigation into multiple cases involving a land development scandal and corporate fund donation to a municipal football club. He has denied his involvement in all the cases.
Source: Yonhap News Agency