Solution for Daewoo-FSO could be drawing closer

On Monday talks on the future of Daewoo-FSO will start in South Korea. Representatives of the Polish government, Daewoo Motor, and creditors centered around the Export Import Bank of Korea and Korea Development Bank will meet together. The Polish party hopes that the talks will resolve the Korean position on establishing a new company from Daewoo-FSO, as this is necessary if a new investor is to be found. The shareholders of the new company would consist of the new investor, the Polish and Korean banks, the Polish State Treasury, Daewoo-FSO and the legal successor of Daewoo-Motor in Korea. It was agreed at the beginning of March that the new company would seek to produce 100,000 cars per year and employ about 2,000 people out of 3,100 currently employed. The concept of establishing a new company was positively evaluated by PricewaterhouseCoopers. Yesterday the Korean Ambassador to Poland met with deputy economy minister Maciej Lesny, who also confirmed the support of the Korean government for this solution. (Prawo i Gospodarka, p. 2) P.W.