Seoul – The sale of Kumho Tire’s 42% majority stake to China’s Doublestar Tyre will go ahead as planned as former owner and chairman of Kumho Asiana Group Park Sam-koo is giving up his right to buy the shares, according to South Korean press.

Reports said on 17 April that Park, who had the option to match Doublestar’s bid to buy back Kumho Tire shares from its creditors complained of “unlevelled sales process from creditors by denying him of the chance to form a consortium to finance the buyback.”

Park said in a statement that creditors, led by the Korea Development Bank (KDB), had notified him that he would not be allowed to form a consortium to buy the shares despite Doublestar’s winning of the bid through a consortium.

“I cannot go along with such unfair sales deal and therefore won’t exercise by right of first refusal,” Pulse News quoted him as saying.

Doublestar inked the 955 billion (€778 million) deal on 13 March which will also give Doublestar management rights.