07-MAY-1992 18:28
BRITISH TRADE COMM
-3-
"The
Anglo-Japanese
assessment procedure
consortium
has
emerged from our
as the clear 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".
Mr
Yeung explained that, in addition Hyundai's failure to comply with working and employed capital requirements, it
also the least acceptable of all the tenderers when timely completion of the contract was taken into account.
"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 and its unaudited half-yearly accounts to June 1990. as well as on technical grounds. Hyundai then submitted full 1990 audited accounts in June 1991 which showed deficiency in working and employed
capital.
"Following notification in writing to Hyundai during
August 1991,
number of 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 writing that any award of a contract by the Government 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 failure to complete the contract due to shortage of
funding.
P.11
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