State lender Korea Development Bank (KDB) Chairman Lee Dong-gull has officially questioned the Edison Motors-led consortium’s turnaround plan for SsangYong Motor and recommended an independent review of the plan, which could further delay the sale of the bankrupt SUV maker.

KDB is the main creditor of SsangYong Motor and Edison Motors needs KDB’s backing to complete its buyout of SsangYong.

Lee remained doubtful of the recently announced plan for SsangYong by Edison Motors that includes one to develop SsangYong’s electric vehicles and release new models from as early as next year with a mere investment of 50 billion won ($42.3 million).

“To jump into the EV business, even global leading finished automakers … are making all-out efforts. Edison Motors’ plan for SsangYong is questionable, and I recommend that its feasibility should be evaluated by a third-party institution,” Lee said during the online press conference on Wednesday.

He also raised concerns about the intention of the exclusive candidate to take over the controlling stake in SsangYong.

“There are concerns over some financial investors’ real intention of their investment. The ultimate goal of the M&A must be the growth of SsangYong in earnest,” Lee emphasized.

Some of the investors reportedly took part in the deal with an aim to build apartment complex on the site of SsangYong Motor’s plant in Pyeongtaek while moving the facility to another site, sources said.

By Woon Won-seup, Choi Keun-do and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]