News / Opposition hits out over HMM $4bn surplus held in KDB low-interest accounts

Source KDB

More controversy surrounding Korea Development Bank’s control over HMM has erupted after a South Korean lawmaker revealed at the National Assembly on Friday that 67% of the liner operator’s surplus $4bn funds had been deposited in low-interest funds, managed by the state-backed policy lender.

Lawmaker Kang Min-guk, of the main opposition People Power Party, accused KDB of binding HMM’s surplus funds to financial products to boost the bank’s income.

Of HMM’s surplus funds with KDB, 85% is held in fixed deposits, while ...