Welcome to BASE21

FKTU Newsletter � 23 December, 2000 (2nd Issue)

In the midst of financial workers� strike and neglecting the expectation of workers at Kookminbank and Housing & Commerce Bank, chairmen of the two banks suddenly announced their agreement of M&A at 5:00 P.M of December 22. Even though their M&A agreement disappointed the strikers, the workers have kept going on the strike without any agitation. The playground of Kookminbank Education Centre, where the strikers have occupied and taken sit-in strike, turned to a shanty-town or a refugee camp as the strikers set up tens of tent houses to avoid a heavy rain (which have started from the afternoon of Dec 22 to the morning of Dec 23). Some of strikers have been also accommodated at the dormitory of the Education Centre. However, due to an extreme shortage of accommodation, the corridors, steps and even toilets of the Education Centre were crowded with the participants of the strike. It can be described that there is no more space at the Education Centre to accommodate people. Those who witnessed the miserable situation expressed that it is as same as a war. In a seriously difficult situation, most of strike participants determined not to leave the place.

There has been no further development in negotiation with the government. Government officials tell us not to intervene the M&A decision, because the Chairmen of the two Banks voluntarily made a decision. However, we believe that the government agreed and encouraged the M&A proposal. And, Goldman Sachs as the biggest shareholder of Kookminbank and ING Barings as the biggest shareholder of

Housing&Commerce Bank have processed the merger programme. It is reported that the M&A teams of Goldman Sachs and ING Barrings have left Seoul, just before the announcement of M&A of the two Banks There has been no discussion with bank managers at all.

Around 5:00 p.m of December 23, a number of policemen who surrounded the outskirts of Kookminbank Education Centre, tried to scatter around 13,000 strikers obligatorily. Two helicopters in the air hovered threatening the strikers. However, the strategy of the police failed due to the strikers� bully, determinant and non-withdrawing attitude. If the police aggressively broke the strike, some accidents might have taken place. One fifths of total numbers of strikers are female workers. The leaders of the strike located the desperate defense teams for the preparation of the second attack of the police.

The operation of the two Banks has completely stopped since Staff managing and charging of computer systems of the Banks have joined the strike. There are some dialogue with government officials, but no solution answers. Rather, it is reported that government officials related have continued to hold meetings to find a way to break the strike. In the meantime, the financial workers are preparing a long-term strike. The police may prepare to succeed in its second attack.

You can see the situations of the strike on FKTU homepage WWW.FKTU.OR.KR

We will inform you of any further development of the situation. We are also looking forward to getting your solidarity and drawing your attention to our struggle.