OVERMENT HOUSE HONG KONG.
WED 06 MAY 92 10:32
PG.04
CONFIDENTIAL
"The
assessment
Anglo-Japanese
consortium
procedure as the clear
has emerged from our
winner over the third
lowest tenderer, the Hong Kong International Consortium, whose tender price was $7,363m.
"The highest tender came from the all-Japanese Lantau Fixed Crossing International at $10,960m".
to
Mr Yeung explained that, in addition Hyundai's failure comply with working and employed capital requirements, it was also the least acceptable of all the tenderers when timely completion of the contract was taken into account.
accounts
"Since August 1991, the Government has been in contact
with Hyundai about the company's financial position.
Hyundai was pre-qualified in late-1990 on the basis of its
1989 audited
accounts to June 1990,
Hyundai then submitted
1991 which showed a deficiency
capital.
and its unaudited half-yearly as well as on technical grounds.
full 1990 audited accounts in June
in working and employed
"Following
notification
August 1991, a number of
in
writing to Hyundai, during
meetings have taken place with
representation up to the highest official levels on both
sides.
"In
March and in April this year, Hyundai were again
advised in
Government
writing that any award of a contract by the
required the contractors concerned to have
available sufficient employed and working capital to comply with Government rules. This is necessary to avoid the risk
of a failure to
funding.
complete the contract due to shortage of
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