MG Non-Life Insurance Union ... > 경제기사 | economics

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[Alpha Biz= Reporter Kim Sangjin] As Meritz Fire Insurance has joined the bidding for the direct contract with MG Non-Life Insurance, the MG Non-Life Insurance branch of the Financial Services Union has launched a strong protest regarding the direct contract.
On the morning of the 4th, the union held a press conference in front of the Financial Services Commission, stating, "It has been confirmed that Meritz Fire has participated in the proposal submission for the acquisition of MG Non-Life Insurance, which is being conducted through a direct contract." They criticized, "The involvement of a large primary insurer, which is competing for the top spot in the industry, in the acquisition of a small to mid-sized non-life insurer is due to the fact that they can offload over 600 workers associated with poor contracts and selectively acquire only favorable contracts and assets, enabling a contract transfer Pamp;A."

The union warned, "If Meritz Fire is confirmed as the acquirer through the preferred negotiation process, MG Non-Life Insurance workers will not be able to avoid unemployment." They added, "The conglomerate insurance company, which can acquire insurance contracts and quality assets without incurring sales commissions, would seize an opportunity benefit exceeding 1.06 trillion won. This is taking place amidst the ongoing restructuring process of a failing financial institution, leading to mass unemployment and windfall profits."

The union also addressed allegations that have arisen during the direct contract process. They noted, "The core suspicion revolves around the personnel intervention controversy concerning Kwon Dae-young, the head of the office at the Financial Services Commission." They asserted, "After taking office in January, Kwon Dae-young reportedly emphasized high-intensity restructuring in a meeting attended by those involved in the sale of MG Non-Life Insurance from organizations such as the Deposit Insurance Corporation and the Financial Supervisory Service, raising issues during the second round of the sale process. The fact that Meritz Fire, which has never been mentioned as a potential acquirer in the past, suddenly emerged as a candidate after Kwons appointment is also suspicious."


Finally, the union stated, "We will thoroughly investigate the reasons why the Financial Services Commission and other financial authorities rejected the general and reasonable normalization procedures for failing financial institutions and jumped into the quagmire of preferential treatment allegations." They emphasized, "The underhanded sale aimed at enriching conglomerate insurance companies with the quality assets of a failing insurer must not succeed."

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/ 알파경제 Kim SangJin Reporter