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Official Predicts AIG Investment in June

Apr 24,2001
A Securities and Futures commissioner, Chin Dong-soo, said Hyundai Investment Trust & Securities Co. will probably be sold before the end of June.

"A close review of Hyundai's books by the government was completed last week," Mr. Chin said, "and Young Wha Accounting Co. will begin a separate review on behalf of American International Group."

The American financial holding group has said it will invest about 1.1 trillion won ($837 million) if Seoul also provides additional funds. Hyundai's balance sheet shows a negative owners' equity of 1.2 trillion won, and the government is expected to provide approximately 2 trillion won to prop up the firm.

AIG is reportedly discussing the ratio of capital outlays and the composition of the new management with Seoul.

Mr. Chin said the commission expects AIG to follow up on the review by proposing an acquisition. "We have been told that nothing extraordinary was uncovered during the government's review," he said.

The AIG investment has been long predicted by Seoul officials, although AIG has been reticent about its plans.



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