Korean Air Former Executives Association: "Asiana Acquisition Reasonable... Golden Time for Airline Industry Restructuring"

"Government's Rational Judgment Based on Deep Understanding of the Importance of Key Industries"

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] The former executives' association of Korean Air stated on the 19th regarding the government's support, including KDB Industrial Bank, for the acquisition of Asiana Airlines, "It is a very reasonable decision for the government’s relevant ministries to support the acquisition based on a deep understanding of the importance of the aviation industry as a national key industry, considering the current situation of the domestic aviation industry," and added, "We fully support it."

The former executives' association of Korean Air released a statement on the same day, saying, "Rather than seeing this period as a crisis, it should be taken as a golden time for restructuring the aviation industry, not only to establish a sustainable growth foundation for the national aviation industry but also to minimize the amount of public funds injected compared to maintaining the current two major airlines, thereby reducing the burden on the public."

The former executives' association of Korean Air diagnosed, "Due to the prolonged COVID-19 pandemic, airlines worldwide are at a crossroads of survival, and South Korea’s aviation industry faces uncertainty in normal operations even after the end of COVID-19 without fundamental competitiveness enhancement."

They continued, "Going forward, KDB Industrial Bank plans to faithfully perform its role by preparing various institutional measures for sound management supervision," and added, "Through this, the company is expected to develop a healthier constitution."

They also expressed, "We send support and trust to Chairman Cho Won-tae’s decision to share the will for acquisition based on the founding philosophy of serving the nation through transportation despite many burdens," and stated, "Since the founding era, Hanjin Group has prioritized and practiced harmony with the national economy and corporate dedication to national interests as the top management principle. This acquisition decision continues the management philosophy and spirit of Hanjin Group to the present day."