Ssangyong Motor of South Korea has all but declared bankruptcy. The company has not formally cut off ties with future possibilities of profits yet, but indications are that hope is long gone. This December Ssangyong will not pay its workers their salaries, according to a memo sent to 8 000 staff in Korea.
“Due to lack of operating funds for December, it is impossible for the company to pay salaries any longer,” is what the memo is said to have claimed.
Ssangyong is owned by Chinese company Shanghai Automotive Industry and has asked parent to bail it out for salaries, but the Chinese turned down this request for help.
In Mzansi Ssangyong sells vehicles like the Stavic, Rexton, Actyon and Kyron SUV.
SOURCE: Autocar
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