According to financial industry sources on Oct. 11, Daehan Bond Management Daebu held talks to acquire MSI Daebu, but the negotiations ultimately collapsed. The two sides reportedly differed over the timing of the contract.
Earlier, TechMate Korea Daebu also negotiated with MSI Daebu and paid about 3 billion won in down payment, but the deal fell through. The down payment was reportedly retained by MSI Daebu’s parent company. MSI Daebu is currently reviewing proposals from other potential buyers. The sale price is said to be around 30 billion won. MSI Daebu plans to complete the sale as soon as possible.
MSI Daebu suffered a hacking breach from an external attack between Feb. 13 and March 23 this year. According to industry sources, the hack began when an employee’s work PC was infected with malware while accessing an external internet site, after which the hacker used it to access the company’s database and business systems. The hacker demanded money, threatening to sell or disclose the stolen customer information on the dark web. The hacker also attempted additional crimes, such as sending phishing emails under the lender’s name.
The industry views the hacking incident as a major variable in the sale negotiations. MSI Daebu is currently undergoing sanctions proceedings at the Financial Supervisory Service over the leak of personal credit information. Negotiations have also been complicated by disagreement over who would bear the cost of sanctions, including any fine to be finalized. According to the FSS, a fine of up to 5 billion won could be imposed depending on the level of sanctions. MSI Daebu’s outstanding loan balance stood at about 126.1 billion won as of the end of last year. It posted net income of 2.5 billion won last year.
An MSI Daebu official said, “With the parent company’s financial situation and the hacking incident overlapping, we plan to complete the sale of the company as soon as possible,” adding, “Several lenders are currently showing interest, so we are listening to proposals.”
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