Daewoo to Receive $230m from Libya Next Month

Published April 16th, 2001 - 02:00 GMT

Daewoo Construction will be receiving $230 million in contract payments from Libya as personally promised by Libyan leader Mohammed Kadhafi, Korea Times 

reported. 

In addition, Daewoo will be engaging in $450 million worth of new projects, including the construction of sewage treatment facilities and a hospital, they explained. 

Officials at the company were quoted by the daily as saying that “Kadhafi made the promise to begin paying off the delayed contract amount from next month during his meeting in Tripoli with Lee Jung-koo, Daewoo's president for marketing.” 

Based on the promise made on March 31th, Daewoo has concluded an agreement with the Korean finance authorities, the contents of which were formally released early this week. 

The company officials added that the amount is nearly two times Daewoo Construction's paid-in capital of 179 billion won and the entire sum will be written up as profits. 

They said Daewoo has engaged in $10 billion worth of construction projects, including the construction of highways and residential apartments since 1978, but parts of the payments were not made even after they were fully completed – Albawaba.com

© 2001 Al Bawaba (www.albawaba.com)


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