KAI union holds a rally in front of the Blue House starting on the 14th... “We are opposed to the Hanwha takeover attempt.”

(Sacheon = Yonhap News) Reporter Park Young-min = The Korea Aerospace Industries (KAI) labor union in Sacheon, Gyeongsangnam-do announced on the 13th that it will hold a rally in front of the Blue House starting on the 14th to oppose Hanwha's attempt to acquire KAI.

About 3,800 union members plan to visit Seoul three times to demand guarantees for KAI's independent management and for the government to express its position.

The union claimed, “Even in a situation where Hanwha has expanded its stake in KAI to 15.89% and formalized its participation in management, related organizations are not presenting clear measures and responsible positions.”

In particular, in relation to the 1.8 billion won consulting project to 'strengthen competitiveness of the space and aviation industry' promoted by the Export-Import Bank of Korea, the largest shareholder of KAI, it was requested to disclose the background, purpose, and decision-making process.

The union's position is that if this consulting has nothing to do with the sale of KAI or the restructuring of its governance structure, it must clearly state its intention to protect KAI's independence as the largest shareholder.

The Fair Trade Commission explained the basis for approving Hanwha's acquisition of KAI shares through a simplified review and urged it to strictly review the impact that expanded management participation would have on the competitive structure of the defense industry market.

The Defense Acquisition Program Administration was requested to prepare practical measures to prevent weakening competition due to monopoly and vertical integration in the defense industry.

The National Assembly was asked to adopt officials from the Fair Trade Commission, the Export-Import Bank of Korea, the Defense Acquisition Program Administration, and Hanwha as witnesses for the government audit and verify the business combination approval process, background for consulting, and KAI management participation plan.

The union said, "KAI's future should not be judged solely as a matter of stock transactions between companies," and "The Lee Jae-myung government must now clearly answer how it will protect the independence of KAI, which the country has invested in and fostered for a long time."