Daewoo not likely to pay Transfarm - BoI's Leviste.

South Korea's Daewoo Corp. put its foot down on a demand by its Filipino partner Transfarm & Co., Inc. that it be given financial compensation for the car maker's decision to terminate its joint-venture agreement for the marketing of the Daewoo brand in the Philippines.

The Board of Investment (BoI) has been mediating a possible settlement agreement between the two companies, but BoI governor Antonio Leviste yesterday ruled out any compromise agreement.

"I'm afraid my conclusion is that the financial condition of Daewoo in Korea prevents (it) from entering into a compromise agreement (that entails paying off Transfarm," Mr. Leviste, who has acted as …