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Biz News Korea(Eng)

Samsung Elec’s demerger plan would go on regardless of current affairs: CFO

Collected: 2017.03.16

Distributed: 2017.03.17

Source: Go Direct

South Korea’s Samsung Electronics will pursue with the plan of demerging into separate holding and business establishments regardless of the absence of the owner family leader as it had been a promise to shareholders, said Lee Sang-hoon, the company’s president and chief financial officer (CFO) told reporters Tuesday.

Samsung Electronics has vowed to consider measures to improve management transparency by separating the business operation from a family-run holding entity. But the arrest of Samsung Group’s heir Jay Y. Lee on bribery and other charges related to a political corruption scandal and the ensuing dismantling of the group’s control tower raised questions if the agenda would go on as planned.

“It may not be easy to gather all the shareholders as they are spread out across the world. We have not made any decisions, but a conference call (to announce the plan) is an option,“ he said.

In last conference call in November, Samsung Electronics said it would be considering the possibility of its conversion into a holding company and other measures to optimize shareholder value.

Lee then had said it would need at least six months to make the necessary legal and financial procedures as split-up to holding and business entities require stock transaction and tax scrutiny.

Under the original plan, an outline for the reorganization may come out around as early as May.

By Song Sung-hoon

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