Last checked at 30 Jan 2015 10:57
Court's Ruling on Samsung Motors Case
Summary of the Lawsuit
1. This lawsuit is related to an agreement made between 28 Samsung affiliates including Samsung Electronics and creditors of Samsung Motors in September 1999. (Related public disclosure: December 22, 2005 - Filing of lawsuit against Samsung Electronics and its affiliates; December 22, 2005 and February 14, 2008 and January 19, 2011- Court's rulings)
2. The Supreme Court modified the Seoul High Court's decision as follows:
The annual interest rate for delay of the 600 billion Korean Won penalty should be changed from 5% to 6%.
3. The Supreme Court dismissed all other appeals.
4. The appeal costs between the bankruptcy trustee of the plaintiff bankrupt and the defendant Kun-hee Lee (Chairman of Samsung Electronics) shall be paid by the plaintiff bankrupt. The total litigation costs between the plaintiffs and the defendants (28 Samsung affiliates) shall be borne by each party half and half.
Additional Information on Court Decision
1. The payment for the penalty of 600 billion Korean Won and the delay interest of 20.4 billion Korean Won have been made in January 2011 right after the Seoul High Court's ruling. The additional amount that should be paid in accordance with the Supreme Court ruling is estimated to be about 4 billion Korean Won.
Others
- The lawsuit is closed by the Supreme Court ruling.
- Date of written judgment receiving: Jan 29, 2015