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Lee Jae-yong, Chairman of Samsung Electronics. (Photo: Yonhap News Agency) |
[Alpha Biz= Paul Lee] SEOUL, June 5 — A South Korean court has raised questions over the legal basis of a damages lawsuit filed by the National Pension Service against Lee Jae-yong and other defendants over the 2015 merger of Samsung C&T and Cheil Industries.
During a hearing at the Seoul Central District Court, judges said it was unclear from the plaintiff’s filings which defendants were being held liable, and asked the NPS to clarify its claims.
The NPS alleges it suffered losses from the merger, which was carried out at a 1:0.35 ratio, arguing that Cheil Industries was overvalued while Samsung C&T was undervalued.
Defendants countered that no damages occurred, arguing that the fund’s financial position could have worsened if the merger had failed.
The court ordered the NPS to specify its legal grounds and damage claims by late July, with the next hearing scheduled for Sept. 10.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
