Home reject Korean's plans to settle dispute

FORMER Home United footballer Jeon Kyeong Joon is prepared to drop his appeal to Fifa.

However, this is provided that the S-League club agree to his compensation terms.

And, according to Home, that is not going to happen.

Jeon is claiming that, in November last year, he was duped into terminating his contract which was to run until the end of this year.

Yesterday, the 33-year-old's agent Jang Ki Hyun sent a faxed letter to Home, giving them until today to settle the dispute amicably.

The South Korean midfielder has given the club three options:

Continue the original contract.

Compensate him three months' salary, and help him get a him new club.

Compensate one year's salary in lump sum.

However, Home's general manager K. T. Velu said: 'We are not going to accede to any of his demands. We will be sending a letter to the player to explain our stand.'

He added that, after the terminating Jeon's contract, the club had subsequently sacked him for failing to turn up for training twice in late November and early December.

This was possible because, under the terms of the termination, the midfielder was still contracted to Home until Dec 31, 2006.

Said Velu: 'We have acted transparently. If he insists on going to Fifa, we will be able to defend ourselves.'

According to Jang, he will report the case to Fifa tomorrow, should he not hear from the club by today.

Jeon claims that he had signed the letter of termination dated Nov 9, 2006 without knowledge of its contents, as he did not understand English.

He had thought it was an agreement for revised terms for the new season.

An interpreter was understood to be present at the meeting, but Jang claims that he was incompetent and did not manage to relay the letter's contents across adequately.

The former South Korea Olympic team player signed for Home from K-League side Jeonbuk Motors on a two-year deal last March.

He scored 13 goals last year.

Said Jang: 'Jeon is happy in Singapore and his first option is still to continue playing here.'

Regardless of the outcome, Jeon will not be able to play in the S-League until the transfer window re-opens in July.

He has not been registered with any club, but is volunteering as an assistant coach at the Korean Super Reds.

Incidentally, Home United face the Super Reds in the S-League season opener on Sunday at the Bishan Stadium.

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Arsenal hit by PSV sucker punch

EINDHOVEN - ARSENAL manager Arsene Wenger has warned PSV Eindhoven that they will not get away with a negative approach again.

PSV take a 1-0 lead to the Emirates Stadium on March 7, thanks to Edison Mendez's stunning second-half strike on Tuesday.

For long spells at the Philips Stadium , Ronald Koeman's side played as though they were the away team.

They strung 10 men behind the ball and relied on Arouna Kone to lead their occasional counter-attacks.

'I said before the game that Koeman would be defensive and I was not wrong,' said Wenger, after Arsenal's first Champions League defeat on Dutch soil.

'He started to play the game for a 0-0 draw and it was important for us to score the first goal. But only one of the teams was trying to play tonight.'

The Frenchman had already criticised Koeman, for employing negative tactics, when Arsenal drew twice with his Ajax side in the 2002-03 season.

He said: 'Now, we are in a tricky situation because we have to score twice without conceding in the return leg.

'But, from what I have seen tonight, I believe we'll achieve that.'

Arsenal have come from behind at home on 12 occasions this season. PSV have scored only three goals on their travels in two seasons of European football.

On Tuesday, the Gunners dominated possession in the first half.

But Wenger had little reason to celebrate Arsenal's 100th match in the Champions League and his 600th game in the charge. He admitted that his team should have won despite Mendez's sucker punch.

He said: 'Mistakes were made long before their goal. We had more than enough chances in the first half to kill the tie, but could not do it.'

Koeman countered: 'I do not see the way we played as something negative.

'We had many injuries and did what we could. We proved that, with good organisation, we can still win the game.

'I am very proud of my team and we got a deserved result, especially looking at the second half.

'As the match went on, we put more pressure on them and were more compact during the later stages.'

PSV were without their top scorer, Jefferson Farfan, because of a swollen left foot.

And Arsenal's slick passing quickly silenced the home crowd, reported The Guardian.

Their fluidity stemmed largely from Tomas Rosicky on the left, and PSV had great difficulty handling his link-up play with Francesc Fabregas.

The Czech combined neatly with Thierry Henry after 13 minutes. Only a strong hand from PSV goalkeeper Heurelho Gomes, and a clearance off the line by Carlos Salcido, prevented Arsenal from taking the lead.

Gomes was again alert when Henry spun and volleyed after 42 minutes. On the stroke of half-time, one of the French striker's trademark curling efforts sailed narrowly wide.

Arsenal lost the attacking impetus in the second half.

'What happened in the second half is difficult to say,' Wenger said, appearing as bemused as everyone else.

'We lost our rhythm and we created barely anything. We could have been punished more on the counter.

'Maybe some players have played too many games lately, and others have not played enough.'

Arsenal's earlier misses were duly punished.

Shortly after the hour, Kone fed Mendez, who drilled a low shot beyond Jens Lehmann.

It was harsh on Arsenal but it was self-inflicted. Gilberto Silva had neglected his holding midfield position, and Lehmann should have done better.

Fabregas came closest to an equaliser, taking Rosicky's 70th-minute pass before letting fly. But Gomes clawed his shot over with a marvellous leap.

There will be little time for the Gunners to recover before they face Chelsea in Sunday's League Cup final. After that comes the FA Cup fifth-round replay at Blackburn.

'PSV and Blackburn are two different teams, and they will have no influence on the League Cup,' said Wenger.

'But we are disappointed because we did not have the game we wanted tonight.'

AGENCE FRANCE-PRESSE

SembCorp Industries' net profit crosses $1b mark

CONGLOMERATE SembCorp Industries has crossed the $1 billion profit mark, thanks to one-off gains of more than $650 million.

Full-year net profit surged 239.5 per cent to a record $1.03 billion.

With the bumper result, the company proposes to pay a net dividend that is more than five times what it paid last year.

The exceptional gains included a $463.3 million profit from the sale of its 60 per cent stake in SembCorp Logistics, as well as a $83.1 million write-back of impairment for property, plant and equipment.

The company has declared a net dividend of 28 cents a share, up from 5.2 cents last year. The higher payout comprises a final net dividend of 12 cents and a special dividend of 16 cents a share.

But reflecting SembCorp Industries' actual operations, revenue grew a more modest 29.7 per cent to an all-time high of $7.49 billion for the year ended Dec 31.

Its two key business segments - utilities and marine - contributed 95 per cent of total turnover.

Utilities contributed $3.59 billion, up 10 per cent, as its Singapore and British operations continued to do well, while the prices of high-sulphur fuel oil (HSFO) remained high.

Wholesale market electricity prices usually rise in tandem with increases in the price of HSFO.

Turnover at SembCorp Marine grew 68 per cent to $3.54 billion due to strong growth in its rig-building and ship-repair businesses.

However, its environmental management unit turned in a loss of $18.4 million, which also saw revenue contracting 3 per cent to $210.1 million.

The group said impairment made for the fixed assets and provision for contracts related to the local municipal waste collection sector contributed to the unit's poor performance.

Looking ahead, SembCorp Industries said its utilities operations in Singapore is expected to perform better this year. In addition, the Wilton 10 - a 30MW biomass power plant in Britain - is scheduled to start operations in the second half of this year.

The marine division, which has an order book of $7.1 billion with completion and deliveries till 2010, will continue to benefit from the strong ship-repair demand and positive outlook for the rig-building sector. New contracts secured so far this year already amounts to $1.7 billion.

In the past year, the group said it had successfully divested itself of SembCorp Logistics and SembCorp Engineers and Constructors and streamlined the its focus on utilities and marine & offshore engineering businesses.

It also listed its Riau island investments through Gallant Venture, which is now the largest owner and operator of industrial parks in Batam and Bintan.

'We are now more focused and are poised for further growth with sound fundamentals in our utilities and marine and offshore engineering businesses,' said Mr Tang Kin Fei, SembCorp Industries' group president and chief executive.

Earnings per share rose to 58.51 cents from 17.14 cents previously. But excluding exceptional items, that figure would have been 21.57 cents, an improvement from 15.74 cents.

Net asset value per share stood at $1.59 as at Dec 31, up from $1.14.

SembCorp Industries' shares closed unchanged at $4.68 yesterday.

arthurp@sph.com.sg

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