KAMCO will continue with its own “KAMCO-style” reforms this year, with self-innovation and simplification, said President Hong Young-man of the Korea Asset Management Corp. (KAMCO) in his New Year’s statement on Jan. 4. The reforms are based on the “harmony and reform” foundation achieved in 2015.
The President said KAMCO tried to realize its given role as a public asset management organization last year, and as a result, successfully restructured five SMEs with total assets of 54.1 billion won. It also bought seven vessels totaling 110.9 billion won, in addition to developing real estate worth 1.3 trillion won.
This year, KAMCO plans to continue taking over properties of distressed business firms, as well as non-performing liabilities of financial companies, and improve their shortcomings by expanding KAMCO’s role in a new asset management assigned by the government to maximize the successful results of its operation, the CEO said.
Hong also said the company has done a lot in Busan for the good of its citizens, where its head office was relocated recently, by launching the Public Sale Academy and providing mentoring to young, talented people. It did so in such areas as “financial knowledge” through BUFF, an information exchange network for college students, and the Kamco Blory, a library to help children in the city.
The recent achievements made the company a model for state-run companies that have relocated to regional cities from Seoul, in line with the government plan for more balanced development in the country.
At the end of the statement, Hong asked for voluntary submissions of ideas for reform from officers and staff of the company this year, especially ideas related to KAMCO’s contribution to the national economy and service to the people, as they are part of the company’s mission. He said the mission can only be accomplished, “with the sense of self satisfaction and the spirit of reform,” which he said is the company’s “biggest value.”
Hong said the “KAMCO-type” reforms should be fast-tracked through internal restructuring to establish a new development system for KAMCO this year.
The company will continue to take over non-performing liabilities of financial institutions and corporate assets from restructuring, while improving distressed companies’ systematic shortfalls and strengthening their capability to take care of government-assigned matters.
President Hong said KAMCO would complete its reforms this year. At the beginning of last year, he made self-innovation and simplification as the two pillars for KAMCO’s reforms, and asked for “total devotion to achieve the reforms.”
“Your endeavor has paid off,” he said in the New Year’s statement. “The management and all of the members of the KAMCO family worked hard to plant the seeds of change for harmony and reform.” Hong emphasized that the seeds “have begun to grow enough to have all of you see the results of your efforts.”
“Since the completion of the relocation to Busan last year, we have been thinking hard on how the company’s programs can make a contribution to the regional society,” he said. “We set up and managed the Public Sale Investment Academy for the sake of local investors and also opened BUFF, the Network for Information Exchange for College Students in the region, to help them achieve their dreams.”
By running successful programs for local communities, the company has become a model for state-run companies that have relocated to regional cities from Seoul.
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