Seoul to restart fighter jet project


South Korea on Tuesday held off awarding a long-awaited $7.7 billion fighter jet contract that had been widely expected to go to Boeing Co. for 60 F-15 Silent Eagles.

The government said it intended to restart the entire project and bidding process, which had been mired in controversy over its budget inflexibility. “We believe that the whole review process will take about a year,” Defense Ministry spokesman Kim Min-seok said.

The jet deal had already been delayed for months because of South Korea’s position that the price of the 60 fighters it wanted should not exceed the 8.3 trillion won approved by parliament.