Hyundai Wia

KS: 011210
South Korea
Hyundai Wia

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Hyundai Motor Company

“Korea's automotive parts makers such as Hyundai Wia are in danger of losing the money from selling auto parts to Iran. As the United States government extended the sanctions on the pariah nation to be in effect on July 1, it has also banned financial transactions such as payments for bills payable. To make matters worse, most Korean banks have stopped releasing the money wired by Iranian importers even before the sanctions go into effect… Given Hyundai Wia supplies 95 percent of its parts to Hyundai and Kia, the new sanctions will hurt the company's bottom line acutely.” (The Korea Economic Daily, Hyundai Wia in Danger of Losing Big in Iran,” 6/27/13)