Last checked at 20 Nov 2015 10:08
Related party transactions with affiliate companies
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors have authorized the transactions with Samsung Life Insurance Co., Ltd., Samsung Card Co., Ltd., Samsung SDI Co., Ltd., Samsung C&T Corporation, and Samsung SDS Co., Ltd., affiliated companies of Samsung Electronics.
▫ Details
1. Date of Transactions (scheduled): 30 November 2015
2. Items of Transactions: Distribution of the remaining amounts in the escrow account
3. Value of Transactions:
Samsung Life Insurance | KRW 119,343 million |
Samsung Card | KRW 44,987 million |
Samsung SDI | KRW 28,191 million |
Samsung C&T | KRW 16,243 million |
Samsung SDS | KRW 5,934 million |
4. Number of Independent Directors Present at the BOD Meeting: 5 (100%)
5. Number of Audit Committee Members Present at the BOD Meeting: 3 (100%)
6. Others
- The transaction is the distribution of funds remaining in escrow after the payments made in 1999 to financial creditor institutions for the losses of Samsung Motors, which funds consisted of the proceeds from the sale of Chairman Kun-Hee Lee's personal holdings of Samsung Life Insurance stock.
- The amount to be distributed has been held in the escrow account in Samsung Electronics' name, in accordance with the escrow agreement signed with the creditor financial institutions on 31 March 2010. Based on a 1999 settlement agreement executed by affiliates of Samsung and the creditor financial institutions entered with the creditor financial institutions, the remaining amount shall be distributed to the affiliates of Samsung, whose claims were exempted from payment in the process of Samsung Motors' liquidation, in proportion to the amount of claims exempted.
- The transaction may be supplemented upon the final settlement of accounts, and the transaction shall be terminated on the date of the final settlement amount.