RESTRICTED
FM BTC HONG KONG
TO IMMEDIATE DTI
TELNO INTRA 91
OF 02102OZ APRIL 92
INFO PRIORITY ECGD, FCO, SEOUL
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PUHK
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050322
MDHIAN 9099
TOP COPY Q DIST?
FOR HALL, HEAD OF PEP.
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MY TELNO INTRA 88: HONG KONG AIRPORT PROJECT: THE MAIN BRIDGE.
SUMMARY
1. THE HONG KONG PRESS REPORTS THAT HYUNDAI SEEM LIKELY TO TAKE THE BRIDGE CONTRACT. THIS APPEARS TO EMANATE FROM HYUNDAI SOURCES AND IS NO DOUBT CALCULATED TO PUT ADDITIONAL PRESSURE ON THE HONG KONG ADMINISTRATION.
DETAIL
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2. THE SOUTH CHINA MORNING POST OF 2 APRIL CARRIES A PROMINENT ARTICLE UNDER THE HEADING ''HYUNDAI SET FOR CONTRACT OVER BRIDGE'' THE ARTICLE SAYS HYUNDAI ARE THE LEADING CONTENDER FOR THE CONTRACT WITH A BID OF JUST OVER HK DOLLARS 5 BILLION' WHICH IS ''AT LEAST HK DOLLARS 2 BILLION LESS THAN ITS NEAREST COMPETITOR THE REST OF THE ARTICLE EXTOLS THE VIRTUES OF HYUNDAI. IT REPORTS THAT THEIR CHAIRMAN, CHUNG HOON-MOK WAS IN HONG KONG LAST WEEK ''TO REASSURE THE GOVERNMENT THAT ITS FINANCIAL POSITION WOULD NOT BE AFFECTED BY KOREAN POLITICS'', AND SAID HE HAD CALLED ON THE FINANCIAL SECRETARY, HAMISH MACLEOD. HYUNDAI SOURCES ARE QUOTED AS SAYING THAT THEY HAVE SECURED EXPORT CREDITS FROM BANKS IN KOREA.
3. THERE IS LITTLE DOUBT THAT HYUNDAI ARE THE SOLE SOURCE OF THE INFORMATION IN THE ARTICLE AND THAT IT IS AN ATTEMPT TO PUT PRESSURE ON THE HONG KONG GOVERNMENT TO AWARD THE CONTRACT TO THE LOWEST BIDDER. IT CHANGES NOTHING, BUT SUCH ARTICLES, AND THIS IS NOT THE FIRST, WILL SERVE TO INCREASE PUBLIC AWARENESS OF THE KOREAN CHALLENGE FOR THIS PROJECT AND THAT THEIRS IS SUBSTANTIALLY THE CHEAPEST BID, ALL OF WHICH WILL NO DOUBT SUCCEED IN MAKING IT A LITTLE HARDER FOR THE ADMINISTRATION TO AWARD THE CONTRACT TO ANYONE ELSE.
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