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24.04.92 17:40 No.026 P.04
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some difficulty press reports, also in Hyundai are, according to financially and with their Government, both on charges of tax evasion and politically because the recent Chairman of Hyundai has set up a political party to oppose the present Korean Government. reports indicate that Hyundai Engineering and Construction (the subsidiary bidding Tsing Ma) are in such difficult circumstances that HKG appear they almost defaulted on a bank loan earlier this week. to have doubts also about Hyundai's levels of working capital. AJCJV, as well as
as well as having the technical expertise and experience mentioned above, is also strong financially with Trafalgar House, one of the biggest contracting organisations in Europe and Mitsui, the largest trading house in Japan, in the consortium.
A great deal of lobbying has been taking place in the Hong Kong Chinese language press by Hyundai with the support of their PRC China Road and Bridge. The civil engineering sub-contractor, argument has been that the contract should be awarded to Hyundai, and thus to China Road & Bridge, because the Hyundai price is far and away the lowest (which is correct) and they must be technically able to do the job because they were pre-qualified by the Hong Kong Government. China Road and Bridge (CRB) have been encouraging the use of the term Sino-Korean consortium although it is not a We do not know consortium member but a sub-contractor of Hyundai.
how far Hyundai/CRB have Chinese Government support but their lobbying is clearly intended to suggest that they have such support.