Korea Eximbank faces controversy over concentrated loans to Hanwha Group… Allegations of preferential treatment raised

 

 

 

 

About 10% of Korea Eximbank's loans have been concentrated in Hanwha Group affiliates, raising controversy.

According to materials disclosed by Rep. Cha Kyu-geun of the National Assembly’s Planning and Finance Committee on the 20th, as of the end of August 2023, the outstanding loan balance of the Export-Import Bank of Korea (Eximbank) was KRW 135.6327 trillion, of which KRW 13.2523 trillion, approximately 10%, was provided to Hanwha affiliates.

In particular, Hanwha Ocean and Hanwha Aerospace, affiliates of Hanwha, accounted for 36% of the total loan balance, showing a noticeable concentration.

Although the scale of loans increased significantly after Hanwha acquired Daewoo Shipbuilding & Marine Engineering (now Hanwha Ocean) in 2022, Rep. Cha argued that it is difficult to attribute this solely to the acquisition effect.

This is because an additional KRW 4.7223 trillion in new loans was issued even after the Hanwha Ocean acquisition.

Eximbank, nearing the legal limit for credit exposure to the same borrower, has continued to provide loans by obtaining an exception approval.

As a result, concerns have been raised that concentrated support for a specific company could lead to fairness issues.

Rep. Cha pointed out, “If a trade credit agency provides excessive loans to a specific conglomerate, it could pose a risk to risk management.”

In response, Eximbank explained that large shipbuilding group owners hold the top loan ranks, and Hanwha rose to first place after acquiring Daewoo Shipbuilding & Marine Engineering.

Eximbank also denied allegations of preferential treatment for Hanwha Group, emphasizing that support for defense and eco-friendly energy businesses aligns with the purpose of contributing to national economic development.

Meanwhile, Hanwha Group explained that the recent hiring of several former prosecutors was unrelated to loan-related tasks.

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Korea Eximbank faces controversy over concentrated loans to Hanwha Group… Allegations of preferential treatment raised