Hyundai denies Fife crisis

Hyundai denies Fife crisis
By Our Political Correspondent Hyundai has denied that problems with the South Korean economy are besetting the ?1bn semiconductor fab plant in Fife or are prolonging the already announced four month moratorium. However, the company has for the first time admitted it needs a partner to develop the plant in Fife. Scottish Secretary Donald Dewar remains publicly optimistic about the project but talks between the Scottish Office and Hyundai over transferring the title of the land to the firm at an early date have ground to a halt. While negotiations are continuing, it is clear Dewar will not agree to the move until he has better assurances about the fab’s future. Meanwhile, Fife Council leader Alec Rowley admits a Hyundai pull-out remains likely, despite ?300m having already been spent on the factory – ?50m of that is public money. Rowley however, is adamant that whatever happens, the public cash will not be wasted: “The money that the council and the government have spent on the site was earmarked for East Dunfermline anyway.”


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