PepsiCo Uses Retailer Purchase Data to Drive Accurate Forecasting, Tackle Slumping Snack Sales 
Kamala Harris Urges Voters to Stop Trump’s “Unchecked Power” in Final Rally 
Fed's Evolving Role: Balancing Market Stability and Moral Hazard 
Cybertruck to Hit Canada Next Week: Tesla’s First Canadian Deliveries Set for Nov. 5 
Missouri Mother Seeks $6 Billion in Lawsuit Over Premature Baby Formula Risks 
Australia’s Inflation Eases to 3-Year Low Amid Energy Subsidies and Petrol Price Drop 
XRP's Decentralized ID Revolutionizes Digital Security: Self-Sovereign IDs Go Live on XRPL 
BYD Hints at Seagull EV Arrival in Australia, Could Become Nation's Cheapest Electric Car 
1.74B DOGE Moves to Robinhood as Whale Transfers Spark Fear of Dogecoin Sell-Off 
Samsung’s AI-Led Profit Recovery Stumbles as Rivals Seize the Lead in Booming Chip Market 
Productive Meeting Between International Association of Machinists and Boeing 
Honor Secures Investment from China Telecom and CICC Capital Unit 
Visa Tops Profit Expectations as Consumer Spending Defies Economic Concerns and Drives Growth 
Bosch Chairman Warns of Revenue Decline and Potential Job Cuts 
Korea Zinc Shares Plummet 29.9% Amid New Stock Issuance Plan 
China's 10 Trillion Yuan Stimulus Package: Insights and Implications for Economic Recovery 
OpenAI Taps TSMC and AMD for 2026 Launch of Custom AI Chips 
Daewoo E&C labor union is planning to ask the Board of Audit and Inspection to investigate Lee Dong Gull, chairman of Korea Development Bank (KDB), and Lee Dae Hyun, KDB’s investment chief executive officer for possible malpractice.
The union’s request for a probe
The union at Daewoo Engineering & Construction thinks that the said executives had committed offenses when they selected Jungheung Construction as the preferred bidder for the company’s acquisition. Aside from the Board of Audit, the workers are also asking other agencies to check on KDB’s investment decision that was announced on Monday, July 5, The Korea Times reported.
"KDB Investment committed fraud by allowing Jungheung to lower its bid by 200 billion won ($176 million) from the 2.3 trillion won it initially offered after the bidder threatened to drop out unless the seller allowed this," the union said in a statement released Tuesday. "The decision was obvious malpractice."
It was mentioned that Daewoo also refused to reveal the exact price that Jungheung offered and KDB Investment also allowed the buyer to reduce the amount of its bid from ₩2.3 trillion won or $2 billion to just ₩2.1 trillion.
As a result of the drop in the bid, it was reported that a consortium made up of three companies - DS Network, a real estate developer, SkyLake Equity Partners, and IPM, an infrastructure investor, was forced to increase its bid from ₩1.8 trillion to ₩2 trillion. This consortium was picked to be the backup-bidder.
The union is planning to go on strike to protest Jungheung’s acquisition of Daewoo E&C. the group of workers will do what they can to stop Jungheung from conducting due diligence on the construction company.
"Jungheung committed an elementary-level mistake of offering a price which was 500 billion won higher than that its competitor offered, and it disrupted the bidding procedure by threatening the seller," the labor union explained. "It disrupted the fair competition."
KDB’s response to the allegation
The Korea Herald reported earlier this week that KDB Investment selected Jungheung Group as the preferred bidder to buy Daewoo E&C. Apparently, Jungheung outbid the consortium of investors, and this outcome led the union to protest.
Now KDB Investment refuted the allegations hurled by the union. It explained that the final bidders were allowed to modify their bids from the start. The company’s CEO then pointed out that revisions in bidding do not mean a "re-bidding," so there was no malpractice in the process.
