- Assets at the construction site of residential complex in Qubbah City, Libya have been100% preserved through the 24 hour a day security by the local residents. - 200 units of equipment, 100 units of power generator and 440 buildings including material storage and residence have been preserved. - Received request for participation in restoration projects in Libya the future by the interim government of Libya (NTC)
Interests are being focused because the site of residential construction of Hyundai AMCO in Libya was 100% preserved in spite of the civil war. Hyundai AMCO, a subsidiary construction company of Hyundai Motors Group of Companies (Representative Director: Sohn, Hyo Won. www.hyundai-amco.co.kr) disclosed that the site of residential construction in Qubbah City, Libya was completely preserved due to responsible management of the local residents. In particular, it was revealed that the local residents guarded the site with military arms over a period of 6 months with 25 persons on guard on each of 2 shifts per day in order to keep their promises with our company in spite of the blood civil war. The assets at the construction site in Qubbah City, Libya included approximately 300 units of equipment such large construction equipment including heavy machineries and dump trucks, generators as well as materials, and approximately 440 units of temporary structures such as accommodation and restaurant facilities, all of which are valued at more than 31 Billion Won. As the site assets in Libya have been preserved well, expedient recommencement of construction is possible and Hyundai AMCO would be able to infuse manpower and equipment without setbacks even for the additional construction projects expected to follow in the near future. Accordingly, decided to remunerate the local residents by paying the wages and cost of fuel for the period of their guarding the site as our gratitude for having put efforts in preserving our construction site. One of the personnel of the company who was on business trip to assess the site situation in Libya in September stated that “I was greatly surprised that our construction site was preserved as we left them although some of the construction companies in Libya are suffering substantial difficulties in recommencing construction due to plundering of equipments and materials.” He added that “Promises of the local residents for preservation of the construction site during the civil war have been kept very well,” and that “company pledged to continue such trust and remunerate through provision of high quality residential units.” The National Broadcasting Service of Libya reported that the extent of looting and pillage at various construction sites are severe, and extensively reported the construction site of Hyundai AMCO, which in contrast was managed and preserved excellently throughout the civil war in Libya. Along with this, the relevant parties of interim government of Libya (NTC) visited the construction site of Hyundai AMCO recently and requested the company to assertively participate in the restoration works following the war through which new employment opportunities could be generated from long term view in the future. NTC, in particular, requested the company to assertively participate in construction of residential units, hospitals and schools, which are in dire need at the moment. Hyundai AMCO sent 4 staffs including an executive with rank of a director to the construction site in September to assess the situation on site. Once they return by the end of this month, time of re-entry of the staffs for the site in Libya will be discussed. The company forecasts that the restoration projects for the damages caused by the war will expand very rapidly as the Gaddafi regime has collapsed after 42 years at the power in Libya as the political situations in the Middle East settles in near future. Hyundai AMCO has been carrying out the construction of 2,000 residential units in Qubbah City in Libya since July 2009 with contract value of 520 Billion Won. Construction of 250 units of 4 story residences, as the first government project in overseas country, will be completed by the end of 2012.