Asia

Westinghouse buys Philippine settlement

Issue 2 and Volume 4.

Westinghouse buys Philippine settlement

Westinghouse Electric Corp. has settled the legal dispute with the Philippine government regarding Westinghouse`s (US)$2.1 billion contract for a 605-MW nuclear power plant in Bataan Province.

Westinghouse was cleared of charges alleging bribery of President Ferdinand Marcos by a US federal jury in 1993. Nevertheless, Westinghouse was banned from selling equipment in the Philippines until this recent settlement.

Westinghouse is paying the Philippine government (US)$40 million in cash plus two new 501F combustion turbines, valued at (US)$30 million each.

The Philippine government has allowed the nuclear facility in question to sit idle throughout the legal battle, claiming construction defects.