Winia Electronics, formerly named Daewoo Electronics, is a South Korean home appliances company and a member of South Korean Winia Group. Established in 1971, it has since grown into a global business with more than 64 production sites, research and development and sales centres in more than 40 countries worldwide. Daewoo Electronics Sales UK (DESUK) was established in November 1993. It is the third largest electronics firm of South Korea after Samsung and LG. The company manufactures a range of electronics and home appliances also some automotive electronic equipments and accessories by being the OEM to assist its parent company's motor vehicle subsidiaries Daewoo Motors which is currently divided among US based Korean automotive manufacturer GM Korea & Tata Daewoo the manufacturer of Daewoo Heavy Diesel Commercial vehicles.
The company's parent company went through a bankruptcy in 1999 due to the Asian financial crisis. After that, the company was owned completely by a group of creditors. Beside its business of manufacturing consumer goods, it has been contracted by different parties to set up local manufacturing units producing air-conditioners, refrigerators and washing machines.[2][3][4][5] In October 2010, it was announced that the creditor group owning the company is to sell it to an Iran-based electronic company.[6]
After years of trying, in January 2013, Dongbu Group (now known as DB Group) agreed to take over Daewoo Electronics for $270 million in order to attain synergies with DB families (Especially DB Inc., DB Hitek and Dongbu Steel). Daewoo Electronics became the family of DB Group by ending its workout status.[7]
In March 2018, Dayou Group (now known as Winia Group) acquired Daewoo Electronics from DB Group.[8]
Dayyani v. the Republic of Koreaedit
In November 2010, Iranian company Entekhab Industrial Group offered to buy Daewoo Electronics from its creditors for $US529 million.[9][10] Swedish company Electrolux also made an offer of $513 million.[11] Entekhab's offer was accepted, and it paid 57 billion won ($US49.67m) as a deposit,[12] but in June 2011, creditors of Daewoo, led by state-run Korea Asset Management Corp (KAMCO), cancelled the contract and retained the deposit[13] after Entekhab missed a scheduled payment and asked for a discount.[12] KAMCO and other creditors began proceedings to sell the company to Electrolux. Entekhab said they viewed the cancellation of the deal as illegal, and said it would take legal action to stop the sale of the company to Electrolux.[14] Entekhab later sought the return of the deposit, but the creditors refused, holding Entekhab responsible for the cancellation.[13]
In 2015, a group of investors led by Mohammed Reza Dayyani, the largest shareholder of Entekhab, began arbitration proceedings at the International Center for Settlement of Investment Disputes (ICSID) seeking compensation from the South Korean government under the Iran-South Korea bilateral investment treaty for the investment deposit that they lost, plus interest.[15] In June 2018, the ICSID ruled in favour of Dayyani.[12] The Korean government appealed to the High Court of Justice in England, which in December 2019 denied the appeal.[16] As a result of the ruling, the South Korean government must pay $62.9 million (73.0 billion won) to Dayyani and the other plaintiffs.[17]
Resourcesedit
. daewooelectronics.co.uk. Archived from the original on 28 August 2015.
Referencesedit
^ abcdDongbu Daewoo Electronics Software Purchases and Digital Transformation Initiatives
^. Archived from the original on 2011-07-22. Retrieved 2010-08-26.{{cite web}}: CS1 maint: archived copy as title (link)
^. Archived from the original on 2015-08-28. Retrieved 2010-04-13.
^. Archived from the original on 2009-07-24. Retrieved 2010-08-26.{{cite web}}: CS1 maint: archived copy as title (link)
^. Archived from the original on 2009-07-24. Retrieved 2010-08-26.{{cite web}}: CS1 maint: archived copy as title (link)
^"Iran's Entekhab to buy Daewoo Elec for $513 mln". Reuters. 20 October 2010. from the original on 2023-05-23.
^. blogs.wsj.com. Archived from the original on 2013-01-13.
^Jun, Ji-hye (2018-03-04). "Dayou Group completes acquisition of Daewoo Electronics". koreatimes. Retrieved 2020-05-05.
^"Iran's Entekhab buys Daewoo Elec. For $519.3m". 9 November 2010.
^(PDF). Archived from the original (PDF) on 2015-11-10. Retrieved 2010-12-22.{{cite web}}: CS1 maint: archived copy as title (link)
^ abcPark, Ga-young. "Korea to pay W73b to Iran's Entekhab in ISD case". www.theinvestor.co.kr. Retrieved 2020-05-05.
^ abPark, Hyun. "UK court rejects S. Korea's request to overturn ISDS ruling involving Daewoo merger". from the original on 2019-12-24. Retrieved 2020-06-09.
^"Iran's Entekhab threatens legal action over sale of Daewoo Electronics". Reuters. 2 June 2011. from the original on 2023-05-23.
^"Mohammed Reza Dayyani and others v. Korea". Investment Arbitration Reporter. 2020-05-02. Retrieved 2020-05-05.
^"S. Korea loses in $62.9 million ISD suit against Iran's Dayyani - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2020-05-05.
^Kim, Gang-rae; Cho, Jeehyun (2019-12-23). "S. Korea loses in $62.9 million ISD suit against Iran's Dayyani". 매일경제. Retrieved 2020-05-05.
winia, electronics, formerly, named, daewoo, electronics, south, korean, home, appliances, company, member, south, korean, winia, group, established, 1971, since, grown, into, global, business, with, more, than, production, sites, research, development, sales,. Winia Electronics formerly named Daewoo Electronics is a South Korean home appliances company and a member of South Korean Winia Group Established in 1971 it has since grown into a global business with more than 64 production sites research and development and sales centres in more than 40 countries worldwide Daewoo Electronics Sales UK DESUK was established in November 1993 It is the third largest electronics firm of South Korea after Samsung and LG The company manufactures a range of electronics and home appliances also some automotive electronic equipments and accessories by being the OEM to assist its parent company s motor vehicle subsidiaries Daewoo Motors which is currently divided among US based Korean automotive manufacturer GM Korea amp Tata Daewoo the manufacturer of Daewoo Heavy Diesel Commercial vehicles Winia ElectronicsTypePrivate Korean 위니아전자 IndustryConglomerateFounded1987 36 years ago 1987 FounderJinkyun Choi CEOHeadquartersSeoul South KoreaArea servedWorldwideProductsList ElectronicsShipbuilderFinancialChemicalRetail Entertainment Automotive Electronics Mainly for GM Daewoo vehicles amp Daewoo Commercial Trucks Flash memoryAviationOptical storageMobile phonesSmartphonesHard disk driveNet incomeUS 10 7 billion 2008 1 Total assetsUS 252 5 billion 2008 1 Total equityUS 90 5 billion 2008 1 Number of employees250 000 2020 1 ParentWinia GroupWebsitewinia elec com Contents 1 Acquisitions after bankruptcy 2 Dayyani v the Republic of Korea 3 Resources 4 References 5 External linksAcquisitions after bankruptcy editThe company s parent company went through a bankruptcy in 1999 due to the Asian financial crisis After that the company was owned completely by a group of creditors Beside its business of manufacturing consumer goods it has been contracted by different parties to set up local manufacturing units producing air conditioners refrigerators and washing machines 2 3 4 5 In October 2010 it was announced that the creditor group owning the company is to sell it to an Iran based electronic company 6 After years of trying in January 2013 Dongbu Group now known as DB Group agreed to take over Daewoo Electronics for 270 million in order to attain synergies with DB families Especially DB Inc DB Hitek and Dongbu Steel Daewoo Electronics became the family of DB Group by ending its workout status 7 In March 2018 Dayou Group now known as Winia Group acquired Daewoo Electronics from DB Group 8 Dayyani v the Republic of Korea editIn November 2010 Iranian company Entekhab Industrial Group offered to buy Daewoo Electronics from its creditors for US529 million 9 10 Swedish company Electrolux also made an offer of 513 million 11 Entekhab s offer was accepted and it paid 57 billion won US49 67m as a deposit 12 but in June 2011 creditors of Daewoo led by state run Korea Asset Management Corp KAMCO cancelled the contract and retained the deposit 13 after Entekhab missed a scheduled payment and asked for a discount 12 KAMCO and other creditors began proceedings to sell the company to Electrolux Entekhab said they viewed the cancellation of the deal as illegal and said it would take legal action to stop the sale of the company to Electrolux 14 Entekhab later sought the return of the deposit but the creditors refused holding Entekhab responsible for the cancellation 13 In 2015 a group of investors led by Mohammed Reza Dayyani the largest shareholder of Entekhab began arbitration proceedings at the International Center for Settlement of Investment Disputes ICSID seeking compensation from the South Korean government under the Iran South Korea bilateral investment treaty for the investment deposit that they lost plus interest 15 In June 2018 the ICSID ruled in favour of Dayyani 12 The Korean government appealed to the High Court of Justice in England which in December 2019 denied the appeal 16 As a result of the ruling the South Korean government must pay 62 9 million 73 0 billion won to Dayyani and the other plaintiffs 17 Resources edit About Daewoo Electronics daewooelectronics co uk Archived from the original on 28 August 2015 References edit a b c d Dongbu Daewoo Electronics Software Purchases and Digital Transformation Initiatives Archived copy Archived from the original on 2011 07 22 Retrieved 2010 08 26 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link About Us Archived from the original on 2015 08 28 Retrieved 2010 04 13 Archived copy Archived from the original on 2009 07 24 Retrieved 2010 08 26 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Archived copy Archived from the original on 2009 07 24 Retrieved 2010 08 26 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link Iran s Entekhab to buy Daewoo Elec for 513 mln Reuters 20 October 2010 Archived from the original on 2023 05 23 Daewoo Electronics Held by Creditors for More than a Decade Is Sold Korea Real Time WSJ blogs wsj com Archived from the original on 2013 01 13 Jun Ji hye 2018 03 04 Dayou Group completes acquisition of Daewoo Electronics koreatimes Retrieved 2020 05 05 Iran s Entekhab buys Daewoo Elec For 519 3m 9 November 2010 Iran firm buys Daewoo unit 8 November 2010 Archived copy PDF Archived from the original PDF on 2015 11 10 Retrieved 2010 12 22 a href Template Cite web html title Template Cite web cite web a CS1 maint archived copy as title link a b c Park Ga young Korea to pay W73b to Iran s Entekhab in ISD case www theinvestor co kr Retrieved 2020 05 05 a b Park Hyun UK court rejects S Korea s request to overturn ISDS ruling involving Daewoo merger Archived from the original on 2019 12 24 Retrieved 2020 06 09 Iran s Entekhab threatens legal action over sale of Daewoo Electronics Reuters 2 June 2011 Archived from the original on 2023 05 23 Mohammed Reza Dayyani and others v Korea Investment Arbitration Reporter 2020 05 02 Retrieved 2020 05 05 S Korea loses in 62 9 million ISD suit against Iran s Dayyani Pulse by Maeil Business News Korea pulsenews co kr in Korean Retrieved 2020 05 05 Kim Gang rae Cho Jeehyun 2019 12 23 S Korea loses in 62 9 million ISD suit against Iran s Dayyani 매일경제 Retrieved 2020 05 05 External links edit nbsp Companies portalOfficial website nbsp Retrieved from https en wikipedia org w index php title Winia Electronics amp oldid 1185286451, wikipedia, wiki, book, books, library,
