Hwang Chang General Contractor Rejects Claims It Colluded With CPC on Guantang LNG Terminal Cost

MT Newswires Live12-10

Hwang Chang General Contractor (TPE:2543) rejected claims that it colluded with state-owned CPC Corporation to inflate the cost of the construction of the Guantang LNG terminal, according to a bourse filing Wednesday.

According to the firm, media claims that Hwang Chang profited over NT$10 billion from the CPC Guantang LNG phase II project were "entirely unfounded" and ignored facts on the ground.

The company clarified that all unit prices for services rendered were based on prevailing market conditions and were audited by an independent firm.

"There has been no inflation of the payment amounts for the engineering works," the firm said.

Meanwhile, addressing reports of shoddy construction at the project, the firm said the characterization was inconsistent with the facts and had caused "serious harm" to the company's reputation.

Given that its stock was heavily short-sold prior to the media report, the company said it had reason to believe this was a coordinated attempt to manipulate its stock price.

Hwang Chang said it had filed criminal complaints to protect the rights and interests of the company.

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