Sunday, March 22, 2009

Madagascar coup leader nixes Daewoo land deal

In a follow-up to this story, Madagascar's new leader has said he is canceling the deal that would have provided South Korea with considerable food security in exchange for $6 billion in investment in infrastructure. The deal, seen as benefiting Madagascar's ousted leader, was one of the catalysts of the coup.

Given the wording of the report — the BBC quotes Andry Rajoelina as saying that "the people should be consulted" — there may be room for Daewoo Logistics to renegotiate the deal on terms that the new leadership sees as more favorable to the Malagasies.

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