Uzbekistan wants cooperation to continue between Uz-Daewoo, GM

Interfax October 26 Uzbekistan wants cooperation between Uz-Daewoo Auto Co. and General Motors to continue, Chairman of Uzavtoprom and General Director of Uz-Daewoo Auto Co. Kudrat Parpiyev told the press. He said that Uzbekistan plans to regulate property relations with Daewoo Motor by October 2005, concerning the joint venture Uz-Daewoo Auto Co. in which Daewoo and the Uzbek government own 50% each. Daewoo Motor is in a state of bankruptcy and is still a shareholder in Uz-Daewoo Auto Co. According to a decision by the South Korean government, Daewoo Motor must regulate property relations with its partners in other countries before October 2005. Part of Daewoo Motor's assets were transferred to GM Daewoo Auto & Technology. Drawn-out talks that have been going on for three years have become more active of late, Parpiyev said. The price of the shares at which Daewoo Motor will sell its package in the joint venture has still not been determined. Uzbekistan has major complaints against Daewoo Motor, Parpiyev said. "Daewoo completely stopped participating in company management from 1998 and that doesn't even touch on the fact that the Korean company hasn't fulfilled an entire number of obligations it has as a co- founder, investor and shareholder," Parpiyev said.