Ministry still looking for potential Dawoo-FSO investor after disappointment

The Economy Ministry has expressed its disappointment with the offers made for purchasing Daewoo FSO. It seems that the Warsaw-based car factory, which is suffering from serious financial problems will still have to look for a new investor. "Declarations of serious intent do not always reflect fi nancial ability,"Economy Minister Jacek Piechota, told Puls Biznesu. U nofficial sources said that potential investors include Hyundai of Korea, Indian Tata and a group of managers from the Warsaw factory. The ministry is trying to save the enterprise by asking banks to write-off its debts, which are around zl. 600 million. Another plan is to create a new company called the New Small Company, which would produce 25,000 cars a year and hire 1,000 out of the 2,800 workers from Daewoo FSO. (Puls Biznesu, p. 1, 3) A.D.