HYUNDAI, OR CERTAINLY NO MISUNDERSTANDING ON THE GOVERNMENT'S PART.
Q: YOU EXPLAINED THE GIVING OF THE CONTRACT TO THE ANGLO-JAPANESE TO THE LEGCO MEMBERS. WHAT IS THEIR REACTION? WOULD YOU EXPLAIN THEIR REACTION TO THAT? WHY YOU ARE TOO LATE - ABOUT 30 MINUTES WHILE WE ARE WAITING FROM UNTIL 12 O'CLOCK 30 MINUTES LATE AND THEN YOU JUST: "SORRY, FOR EXPLAIN TO LEGCO MEMBERS" MAYBE A HOT DISCUSSION OR WHAT?
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MR YEUNG: I'M SORRY, I HAVEN'T QUITE CAUGHT THE QUESTION. SOMEONE HELP ME WITH IT?
COULD
NO, WE WERE 30 MINUTES LATE BECAUSE THERE WAS A BIT OF A DISCUSSION AS TO WHETHER OR NOT THE FINANCE COMMITTEE BRIEFING SHOULD BE HELD IN PRIVATE OR PUBLIC, THAT WAS ALL.
THE DISCUSSION WAS USEFUL AND CONSTRUCTIVE IN FINANCE COMMITTEE.
$303 MILLION FIGURE THOSE ALL CAME TO
Q: I WOULD JUST LIKE TO MAKE CLEAR, ABOUT THIS THAT YOU MENTIONED, AND THE $90 MILLION FIGURE. LIGHT AFTER HYUNDAI PRE-QUALIFIED, IS THAT RIGHT? SO IN OTHER WORDS, WE CAN ASSUME THAT WHEN HYUNDAI PRE-QUALIFIED IN 1989 THIS SHORTFALL DID NOT EXIST?
CORRECT, YES.
MR BLAKE: THAT IS CORRECT,
THE PRE-QUALIFICATION WAS CARRIED OUT ON THE BASIS OF THE 1999 AUDITED PUBLISHED ACCOUNTS AND THE 1990 HALF-YEAR UNAUDITED PUBLISHED ACCOUNTS. AT THAT TIME, THE ACCOUNTS DID NOT DISCLOSE THIS PROBLEM WITH WORKING AND EMPLOYED CAPITAL. WHEN IT WAS DISCOVERED, IN AUGUST OF 1990, OF COURSE IT WAS IMMEDIATELY BROUGHT TO HYUNDAI'S ATTENTION.
Q: YOU SAY THAT WORK MUST START WITHIN FOUR WEEKS. WHAT HAPPENS IF THERE IS A CONTINUING PROBLEM WITH CHINA APPROVING THE FINANCES OF THE AIRPORT PROJECT - IS THIS AND OTHER THINGS GOING TO GET DELAYED?
MR YEUNG: THIS PROJECT, ALTHOUGH IT IS PART OF THE AIRPORT CORE PROGRAMME, DOES NOT INVOLVE FORMAL CONSULTATIONS WITH THE AIRPORT COMMITTEE BECAUSE THE CONTRACT, THE PERIOD DOES NOT STRADDLE 1997, THERE ARE NO GUARANTEES INVOLVING THE GOVERNMENT, THERE ARE NO CONTINGENT LIABILITIES INVOLVING THE GOVERNMENT, IT IS A STRAIGHT- FORWARD PUBLIC WORKS PROJECT FUNDED FROM EXPENDITURE. NEVERTHELESS,
I SHOULD ADD AT THIS POINT THAT I HAVE ALREADY TAKEN STEPS TO INFORM THE CHINESE SIDE OF THE AIRPORT COMMITTEE.
Q: CAN I CLARIFY THAT?
THE PRESENT DELAY OVER THE APPROVAL OF THE FINANCES, WHAT EXACTLY DOES THAT AFFECT IN THE AIRPORT PROJECT?
MR YEUNG: THEY AFFECT TWO MAIN PROJECTS.
THEY AFFECT THE FINANCING
OF THE AIRPORT RAILWAY PROJECT AND THE NEW AIRPORT ITSELF.
Q: AND HOW LONG CAN THEY DELAY FOR BEFORE THOSE PROJECTS ARE BEHIND SCHEDULE?
MR YEUNG: UNDER THE MEMORANDUM OF UNDERSTANDING, I BELIEVE MR LEUNG, THEY HAVE ONE MONTH FROM THE DATE OF THE HANDOVER OF RELEVANT DOCUMENTS. IS THAT RIGHT?
COULD I SUGGEST, CHAIRMAN, THAT WE STICK TO THE TSING MA BRIDGE
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