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Kumho Asiana Group said in a statement that Park met the chairman of the group’s main creditor, Korea Development Bank (KDB), late on Wednesday and asked for help to normalize Asiana Airlines, the conglomerate’s flagship firm. It said it will launch an “emergency management committee headed by vice chairman of the group to normalize our management in a short period of time and will hire a respectable person outside the company as the new chairman.”. KDB said in a statement on Thursday that it planned to work with the airline to improve its financial structure letter e cufflinks.
Asiana has already sold assets to improve cash flow and reduce debt from aircraft purchases, as it battles rising fuel costs and competition from low-cost carriers. The carrier had to revise its accounts and disclose a bigger annual loss this week to win auditor approval for its 2018 financial statements after the auditor raised doubts about the statements. It also said its debt amounted to more than six times its equity. Asiana’s bigger rival Korean Air Lines is also in management turmoil after shareholders removed chief executive Cho Yang-ho from its board in a landmark vote on Wednesday, making him the first founding family member of any South Korean corporate giant to be forced off a board letter e cufflinks.
The accounting fiasco comes after Asiana suffered an image setback in July when it was unable to provide meals on some flights after a change in caterer left the airline short letter e cufflinks. It prompted Park to make a public apology at that time. The airline had two CEOs, and with Park stepping down, Han Chang-su remains its sole CEO. Park’s elder son serves as CEO at its IT services affiliate Asiana IDT, while his younger daughter works as an executive at Kumho Resort. “The status of junior Parks won’t change even after their father leaves the group,” a Kumho Asiana Group spokesman told Reuters..
MADRID (Reuters) – Pontegadea Inmobiliaria, the real estate arm of the founder of fashion group Inditex, Amancio Ortega, this week completed the purchase of two Seattle office blocks leased to Amazon, a Pontegadea spokesman said on Thursday letter e cufflinks. Pontegadea bought the buildings from U.S. investment fund USAA Real Estate, the spokesman said, adding it was the Spanish fund’s biggest ever deal in the United States. The buildings were sold for $740 million, according to the Seattle Times. Pontegadea declined to comment on the transaction value..
Ortega has made largely debt-free purchases of prime buildings from London to New York, becoming a major commercial real estate player, using the cash from massive dividend payouts from Inditex letter e cufflinks. Europe’s richest man, who holds a 59.29 percent stake in Inditex, not only rents out his commercial property to Inditex stores like Zara and Massimo Dutti at market rates but also to rivals such as H&M of Sweden and Gap Inc of the United States. Pontegadea bought the Adelphi building in Westminster, London, in the second half of last year, home to the music-streaming service Spotify and media company Conde Nast..