It is forecasted that the sell-off of Pantech will be finalized next week. U.S. One Value Asset Management in the process of take-over will make a remittance of undertaking money as early as this week. Once deposit of undertaking-money is confirmed, the court will officially announce this sell-off.
According to the industry on Feb.25, One Value Asset Management is progressing remittance work for taking-over of Pantech, but it takes time.
In the U.S., when financial institution makes a remittance of over $50,000(KRW 55 million) to overseas, it should file to IRS. This Suspicious Activity Report is currently operated in U.S. As undertaking money to take over Pantech is known to be about $90million(KRW 100billion), the regulation related to its remittance to Korea should be obeyed.
Though One Value Asset Management completes its remittance this week, the sell-off of Pantech will be finished new week because it will take time for certification work at the court. Prior to this, the bankruptcy division of Seoul District Court postponed the decision of sell-off to after Lunar New Year`s holidays on Feb.17, owing to incomplete documents. The period from Feb.23 to Feb.25 was influentially predicted, but the schedule was put off again.
It was reported that Korean-American major shareholders of One Value Asset Management was preparing for undertaking-money to take over Pantech through selling-off of owned Chinese Alibaba`s shares.
One Value Asset Management said, "It takes time more than we expected, but we will complete the remittance within this week and then finish the process of selling-off next week."
In this connection, as the court has the policy to flexibly execute the process of selling-off related to Pantech, it is anticipated that there will be no great impediment in the sell-off of Pantech though remittance work by One Value Asset Management will be somewhat delayed. But the court adheres to full payment of all undertaking-money before contract, certainly. So, the last minute variable can`t be ruled out.
"The court demands to keep the schedule as promised with clear deadline, not to cease the process if not until today," said the insider of Samjong KPMG LLC., a supervisor company for this sell-off. "Currently, the court is urging One Value Asset Management to make a rapid remittance."
Staff Reporter Kim, Yong-ju kyj@etnews.com