Court's Ruling on Samsung Motors Case (7976Z)
20 1월 2011 - 6:37PM
UK Regulatory
TIDM50DN
RNS Number : 7976Z
Samsung Heavy Industries Co., Ltd
20 January 2011
Court's Ruling on Samsung Motors Case
Summary of Lawsuit
1. This lawsuit is related to the agreement regarding court
receivership of Samsung Motors,which Chairman Lee and 28 Samsung
affiliates including Samsung Heavy Industries agreed with creditors
of Samsung Motors in September 1999.
2. Seoul High Court reversed the decision made in the first
ruling as follows: Defendants should pay penalties to plainfiffs,
as defendants failed to repay debt by selling remaining 2,277,787
shares among 3.5million shares in Samsung Life Insurance, which
were donated to plaintiffs as collateral for the debt, until Dec
31,2000.
The court ordered 28 Samsung affiliates to pay a total of 600
billion won to creditors of Samsung Motors and also pay a 5% annual
interest for the period between May 8, 2010 and Jan 11, 2011 and a
20% annual interest for the period after Jan 12,2011 until the debt
is paid off.
3. Amount after disposing of 2,277,787 shares and paying off
principal was deposited in the Escrow account on May 7,2010
In accordance with the court of appeals'ruling, 600 billion won
in penalties for delayed debt repayment and 20.4 billion won in
accumulated interest were paid to plaintiffs from the Escrow
account
Article 2 can be provisionally executed.
Additional Information on Court Decision
1. The court dismissed all claims filed by the receiver of a
bankrupt plaintiff, H&A Investment Bank.
Among total court costs, the amount associated with the receiver
of the bankrupt plaintiff and defendant Kun-hee Lee, the Chairman
of Samsung Electronics, should be paid by the plaintiff. Court
costs associated with other plaintiffs and defendants (28 Samsung
affiliates) should be burdened half and half by each party.
Others
- Samsung Heavy Industries will review the possible response
measures including an appeal after consultation with its
affiliates.
- Date of written judgment receiving: Jan 19,2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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