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Keangnam’s fate will not affect Waterfront Project: JKH

17 April 2015 07:56 am - 0     - {{hitsCtrl.values.hits}}

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Korean construction house Keangnam Enterprises, which holds a significant stake in the construction of John Keells Group’s Waterfront Project could be facing liquidation, after stocks hit the bottom in The Korea Exchange.
However, John Keells Group Deputy Chairman Ajit Gunawardene said that this would not affect the US$ 800 million project.
“As far as we are concerned, there is no impact. Our contract is with Hyundai,” he said.
Hyundai Engineering and Construction, South Korea’s largest builder, won the construction contract worth US$522 million, and currently holds a 65 percent stake, syndicating the remainder among other contractors. 
According to Korean media reports, Keangnam has been surrounded in a bribery scandal involving Prime Minister Lee Wan-koo and members of President Park Geun-hye’s staff, and following capital losses, the company was delisted from the stock exchange.
Keangnam is said to have a 25 percent stake in the construction of the Waterfront Integrated Resort, and has numerous concurrent projects in Africa, the Middle East, South East Asia and Sri Lanka.
The company had said that there are other ongoing foreign projects for which information has not been widely published. It is now seeking guidelines from the judiciary on how to proceed with its international work, and is hoping to be allowed to find new investors and lines of credit, without which the company will have to be liquidated. (CW)


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