Last checked at 24 Feb 2017 08:30
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC") announced today that its Board of Directors have authorized the following related-party transaction with an affiliated company.
Purchase of products/completed operations liability policy from Samsung Fire & Marine Insurance
- Purchase of product/completed operations insurance for covering the liability incurred by defects in SEC's products for property damage or injuries that may happen to a third party
□ Major Transaction Terms
Insurer | Samsung Fire & Marine Insurance |
Application Date | 04/01/2017 |
Type of Insurance | Products/completed operations liability policy |
Insurance Premium | KRW 7,900 million |
Insurance Benefit | - |
Insurance Period | 04/01/2017~03/31/2018 (1 year) |
Total Insurance Premium | KRW 7,900 million |
Insurance Coverage | Property damage or injuries to a third party caused by defects in SEC's products |
Method of Insurance Payment | Lump sum |
Interest rate (%) | - |
Terms and Conditions | * The Insurance Premium is subject to change in response to currency exchange rate changes. |
Other Information:
ž Number of Independent Directors Present at the BOD Meeting: 5 (100%)
ž Attendance of Audit Committee: Y
※ This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must disclose financial and real estate transactions in the event the value of such a transaction is greater or equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the disclosure.