Hyundai has confirmed that it will finalise a contract to build a plant in the Czech Republic this month, according to ChannelNewsAsia.

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The news agency was told it is likely that vice chairman Kim Dong-Jin will sign the deal, in South Korea.


A ground-breaking ceremony due on 17 May has been postponed ‘indefinitely’.


Hyundai’s chairman Chung Mong-koo is currently under arrest and being held in a detention centre in South Korea on charges of corruption. He would normally sign major deals like this and head up any ground-breaking or opening ceremonies.


Hyundai’s investment in the Czech Republic is valued at €1bn and will have a capacity of 300,000 cars a year from 2008/9.

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