Sultan set to help S. Korea's Hyundai<\/p>\n
SEOUL (Reuters): The Sultan of Brunei has agreed to help out
\ntroubled Hyundai Engineering & Construction at the request of
\nvisiting South Korean President Kim Dae-jung, a presidential
\nspokesman said on Tuesday.<\/p>\n
Sultan Hassanal Bolkiah, one of the world's richest men,
\nagreed after meeting Kim on Monday to expedite the payment of $38
\nmillion the tiny sultanate on the east coast of Borneo island
\nowes Hyundai for construction work.<\/p>\n
\"Hyundai has done construction business in Brunei and there is
\nstill a significant amount of payments to be collected,\" Kim's
\nspokesman, reached by telephone in Brunei's capital of Bandar
\nSeri Begawan, quoted the president as telling the sultan.<\/p>\n
\"Hyundai is in a difficult situation at the moment, so if
\nBrunei can pay the amount still to be collected, this will help
\nHyundai,\" the president said.<\/p>\n
Hyundai Engineering, Korea's biggest builder and one of its
\nmajor employers, barely staved off insolvency last week when
\ncreditors agreed to roll over 690 billion won in maturing debt
\nuntil the end of the year on condition it undertakes rigorous
\nreforms. Hyundai has debts of five trillion won ($4.4 billion).<\/p>\n
Sultan Hassanal who met Kim in his golden-domed palace of
\n1,788 rooms ahead of this week's Asia-Pacific Economic
\nCooperation (APEC) summit hosted by Brunei, thanked Kim for
\n\"bringing this up in a very open manner\".<\/p>\n
\"I agree with the president on the issues regarding Hyundai,\"
\nthe statement quoted Hassanal as saying. \"I expect this will be
\nresolved satisfactorily and I will try.\"<\/p>\n
A Hyundai Engineering official said the sultanate owes Korea's
\nbiggest builder $38 million.<\/p>",
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