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Copyright 2000 AFX News Limited

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AFX - Asia

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August 31, 2000 Thursday

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SECTION: COMPANY NEWS

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LENGTH: 89 words

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HEADLINE: Korea Merchant Banking declared insolvent, ops to be suspended for 3 mths

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DATELINE: SEOUL

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BODY:

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Korea Merchant Banking Corp was declared insolvent after failing to repay 14 bln won of promissory notes for two consecutive days, its creditor, Cho Hung Bank, said.

Korea Merchant faces suspension from operations over the next three months from tomorrow, the Financial Supervisory Commission said.

"As the company went insolvent, the FSC will suspend the company from operations for three months," an FSC official said.

jhc/pav/sm  For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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LANGUAGE: ENGLISH

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LOAD-DATE: September 1, 2000