Contract with Hyundai to be signed in mid-May

02-05-2006

The South Korean car maker Hyundai has announced that the one billion euro contract under which it will build a major auto plant in the Czech Republic will be signed in mid-May in Seoul. At the same time Hyundai Motor has postponed "indefinitely" a ground breaking ceremony for the plant at Nosovice, in the northeast of the Czech Republic. Confirmation of the deal seemed uncertain when Hyundai Motor chairman Chung Mong Koo was arrested on embezzlement charges last week. Czech top officials have expressed readiness to go to South Korea for the signing ceremony.