April 12, 2018 / 2:48 AM / in 2 months

South Korea to complete due diligence on GM Korea by early May

SEOUL (Reuters) - South Korea said on Thursday it expects to complete due diligence on General Motors Co’s (GM.N) local subsidiary by early May, as the government considers whether to inject taxpayers’ money into the U.S. automaker’s money-losing unit.

FILE PHOTO: The main gate to GM Korea's Gunsan factory is seen in Gunsan, South Korea February 13, 2018. Yonhap via REUTERS/File Photo

“We aim to complete due diligence by the end of April, but expect the process to continue until early May,” state-funded Korea Development Bank Chairman Lee Dong-geol told reporters.

He said due diligence was progressing, and that GM was submitting more documents for review.

In February, GM said it planned to shut one of its South Korean factories and that the fate of its remaining three depended on government support and wage concessions from its workers union.

Reporting by Hyunjoo Jin

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