Daewoo sues Semen Bosowa

Thu, 05 Apr 2001, 00:00 WIB | Source: AFP

JAKARTA (AFP): South Korea's Daewoo Corp. and Daewoo UK Ltd.
have filed a suit requesting the central Jakarta court to seize
PT Semen Bosowa's cement plant on Sulawesi island, Daewoo's
lawyer said Wednesday.

Lawyer Stephanus Haryanto claimed Semen Bosowa had failed to
settle a US$25.4 million construction contract payment with
Daewoo Corp. and Daewoo UK Ltd.

Haryanto told AFP financial news subsidiary AFX-Asia that
Daewoo completed construction of the plant as agreed by both
parties in 1996, since when the facility has been operational.

However, Semen Bosowa had yet to settle the construction
contract, payment of which was due in June 1999.

He said Daewoo also requested Semen Bosowa compensate it for
non-material costs of $3.5 million.

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