arh777d
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(12/20/05 10:03 pm)
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Hyundai engineering to receive only 20% of debt owed by Iraq
Hyundai engineering to receive only 20% of debt owed by Iraq
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SEOUL, 20 December 2005 (Asia Pulse) -- South Korean builder Hyundai Engineering & Construction Co. (KSE:000720) said Tuesday it will notify the Iraqi government to repay only 20 per cent of the cost of past construction projects in Iraq.
Hyundai Engineering's board of directors approved a proposal to receive US$331 million of the principal and $350 million of outstanding interest from the Iraqi government, for construction projects valued at $1.65 billion, the company said in a statement.
The International Monetary Fund and the Iraqi government recently proposed the debt write-off plan to Hyundai Engineering.
As a result, Hyundai Engineering will write off about $1.3 billion in unpaid bills from the Iraqi government, the company said.
www.iraqupdates.com/p_art...ticle/4370
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