Korean round-table talks to resolve FSO's disputed debt

"At the beginning of March in Korea there will be a meeting of representatives of Kamco, Daewoo UK, the receiver of Daewoo Motor Co. The management of FSO has also confirmed its presence," said Thomas Kolaja, the president of CII Group, which represents Kamco in Poland. Representatives of the car manufacturer announced that this meeting should help clarify and close the issue. FSO President Janusz Woźniak maintains the company's position, claiming that all liabilities towards the Koreans were paid off in 2003 through a debt-for-shares swap with Daewoo Motor Co. According to Kamco, the a move was pointless because the company owes money to Daewoo UK and not Daewoo Motor Co. The disputed liabilities stand at $570 million. (Puls Biznesu, p. 7) A.K.