LIG D&A-ban suspension

By Kim Eun-jung

SEOUL, Oct. 27 (Yonhap) -- LIG Defense & Aerospace Co. (LIG D&A) said Tuesday a court has temporarily suspended a two-year ban on its participation in defense procurement bids imposed by South Korea's arms procurement agency.

Last month, the Defense Acquisition Program Administration (DAPA) imposed the ban after LIG D&A officials were indicted on charges of bribing a DAPA official during weapons procurement tenders. The ban was due to take effect Thursday.

LIG D&A said in a regulatory filing that the court had suspended the ban until Nov. 20, allowing the company to continue bidding for defense contracts.

A formal hearing is scheduled for Nov. 5 to review the company's request for a longer suspension. The court will then decide whether to keep the ban suspended pending the outcome of the company's lawsuit challenging the sanction.

"If the court grants the request, LIG D&A will be able to continue bidding for defense contracts until a ruling is issued on its lawsuit seeking to overturn the ban," the company said, adding it will continue to present its case through formal legal proceedings.

(END)

[Copyright ⓒ K-VIBE. All rights reserved. Unauthorized reproduction and redistribution are prohibited.]