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Rep. Lee demands Chung's injection of assets

Posted November. 06, 2000 19:50,   


Rep. Lee Hae-Chan, chief policy maker of the ruling Millennium Democratic Party asserted Monday that Chung Mong-Hun, chairman of the Hyundai Asan Corp., must sell off his individual assets, including his stake in the Hyundai Heavy Industries, to bolster Hyundai Engineering and Construction (HEC), stating that otherwise HEC would default.

In a press interview, Rep. Lee, claiming that the government should not be led around by Hyundai any longer, said that Hyundai should not assume that the government would not allow HEC go bankrupt based on the belief that it would bring ruin to the nation.

Noting that he heard that Chung's private assets amounted to 1.5 trillion won, the MDP chief policy maker contended that if Chung injects his private assets into the HEC, the company could be rescued.