Given below are two statements:
Statement I: The 'New World Order' began with the sudden collapse of Soviet Union in 1991.
Statement II: This 'New World Order' denied the acceptance of US hegemony.

In the light of the above statements, choose the most appropriate answer from the options give below:
1. Both Statement I and Statement II are correct
2. Both Statement I and Statement II are incorrect
3. Statement I is correct but Statement II is incorrect
4. Statement I is incorrect but Statement II is correct