Hyundai takes technical control of Chile's Chacao bridge

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Friday, November 10, 2017

South Korean construction company Hyundai took full technical control of the US$740mn project to install a suspension bridge in southern Chile's Chacao channel, linking Chiloé island with the mainland. With the move, Hyundai replaced the board of the consortium, formed by the Asian firm and Brazilian company OAS.

The decision was made during an extraordinary shareholding meeting on October 25, during which Hyundai installed its representatives, daily El Mercurio reported. Chilean authorities learned about the change only on Thursday, a notice on the government's official bulletin board said.

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New chairman is Chi Young Kim, while Jongcheul Park and Sung Pyo Lee fill the other positions.

The two shareholders had entered a dispute, as Hyundai has accused OAS of blocking new resources and sabotaging the project after failing to sell its 49% stake.

Sources from the public works ministry cited by El Mercurio said that the replacement is a "very good signal" for the project.