M&
DRAFT
"Since August 1991, the
Government has been talking
with Hyundai about the company's financial position.
Hyundai was pre-qualified in late-1990 on the basis of tha
unaudited half-yearly accounts to June 1990, as well
technical grounds. Upon receipt of Hyundai's full, audited
in June 1991, we began to be concerned about
ALS ability to meet the capital requirements for the Tsing
NA Eridge contract. Since then we have been in regulat
wch with the company.
"In March and early April this year, We wrote (..)
Hyundai Business Group to clarify our requirements for an
inter-group guarantee and an irrevocable letter of credit
cover part of Hyundai's shortfall in working capital.
Unfortunately Hyundai has been unable to comply with our
LO
requirements, or make acceptable alternative proposals.
1.11 Lie circumstances, Hyundai cannot be qualified for the
award of the contract, said Mr Yeung. (Please refer to the
Appendix for details.)
The Lender evaluation procedure has encompassed:
a)
b}
a comparison and evaluation of tender prices, their net present value which enables
prices to be assessed on a uniform cash basis;
including
assessments
of technical and 7841 42 43
competence;
Leam
..)
d)
evaluation of the programme for coÛN
which involves assessing the chenque
work being completed on time; and
(1.0.
examination of tender qualifications
proposed contract conditions different from
Chose required by the Government.)
The Covernment was advised
ution.
international
on technical matters by
experts
in suspension bridge