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Korean carmaker Ssangyong cannot afford to pay its December salaries and has confirmed it’s more than £50bn in debt.

“Due to lack of operating funds for December, it is impossible for the company to pay salaries any longer,” Ssangyong told workers in a letter last Friday.

Korea’s smallest manufacturer turned to its parent company Shanghai Automotive Industry in China for emergency funds, but the request was refused.

The firm employs about 8000 staff in Korean. Shanghai Au...Read the full article

Does this mean we won't get the Khan version afterall?

Shame.

So much for the 'emerging' markets in the far-east being immune from the global credit crunch...

Im suprised they make any profits when they produce such ugly cars as the Rodius!

TegTypeR:

Does this mean we won't get the Khan version afterall?

Shame.

 

 

l0l

I feel for the staff but if they haven't been paid it might save a few spaniels from the dinner table this christmas.

There's a kennel of truth in what you say...

How embarassing for Ssangyong. I bet they've got their tail between their legs. The employees have really got it ruff this Christmas.

joking aside;

 is this what you get when you do business with the Chinese? financial crisis or not its no way to treat your associate's staff...

KeithE:

 is this what you get when you do business with the Chinese?

 Having lived in both Singapore and Hong Kong for many years - yes! Unfortunately our Western sense of fair play and honesty has little place. Dog eat dog (sorry - couldn't resist)

How can I find out who the 1,894 people who bought Ssangyongs in this coutry in the last two years were and shouldn't their names appear on some form of register of the clinically insane?

jelly7961:

our Western sense of fair play and honesty

 

Our "Western sense of fair play and honesty" has currently got a black eye and a bloody nose. There is certainly not much of it evident in The City or Wall Street.

 

cimardinius:

Our "Western sense of fair play and honesty" has currently got a black eye and a bloody nose. There is certainly not much of it evident in The City or Wall Street.

So true. It's really in the dog house.