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Korean Paper Says AIG About To Take Over Korean Trust And Securities Operations

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NU Online News Service, Aug. 22, 4:35 p.m. – America International Group Inc., New York, is expected to sign a memorandum of understanding with the Korean government to take over three insolvent financial units of the Hyundai Business Group, Seoul, according to Dong A Il Bo, a Korean daily.

AIG and the Korean government are in the final stage of negotiations to sign a memorandum Aug. 23, the paper reports.

Last year, AIG led a consortium to sign an initial agreement with the Korean government to invest $857 million (1.1. trillion won) in Hyundai Securities, Hyundai Investment Trust & Securities and Hyundai Investment Trust Management.

Kirk Patterson, the spokesperson for AIG’s Asian operations, was not immediately available for comment.


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