Beholden to the beast

Posted on : 2008-09-19 13:34 KST Modified on : 2019-10-19 20:29 KST

“Speculative capital” is eating away at the Machang Bridge, and it is about to devour state-run companies specializing in roads and gas with deals like the one that brought about the bridge’s construction. That deal drained public funds and will see the funds from bridge tolls delivered to Macquarie Korea Infrastructure Fund, which owns 100 percent of the equity in the company that operates the bridge, for the next 30 years.

Meanwhile, President Lee Myung-bak and his chief econ man Kang Man-soo look as though they want to feed the beast the Incheon International Airport Highway, too. It is one of the eight road projects in which Macquarie also owns management equity.

(Hankyoreh Geurimpan, 19 September 2008)

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