USTR REPORTS KOREA'S SUBSIDY CASES TO U.S. CONGRESS.

AsiaPulse News, February, 2003

SEOUL, Feb 6 Asia Pulse - In its annual report on state subsidies to the U.S. Congress, the United States Trade Representative (USTR) has focused on South Korea's subsidy practices for the semiconductor, paper and livestock industries, according to Korean officials Thursday.

In particular, the USTR gave an extensive account of South Korea's aid in debt write-offs, debt roll-overs and debt-for-equity swaps for Hynix Semiconductor Inc., the Ministry of Foreign Affairs and Trade officials said.

Hynix received subsidies through debt-for-equity swaps and debt write-offs by government-controlled creditors, the U.S. report said, citing a debt-for equity swap worth US$1.58 billion and a debt roll-over of US$2.5 billion until 2006.

The USTR also took issue...