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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] The National Pension Service (NPS) has filed a lawsuit seeking damages against Samsung C&T and its executives, including Lee Jae-yong, Chairman of Samsung Electronics, citing losses incurred from the merger between Samsung C&T and Cheil Industries in 2015.
On the 24th, investment banking sources reported that NPS initiated the lawsuit on the 13th of this month against Samsung C&T, Lee Jae-yong, former Samsung Group Future Strategy Office head Choi Ji-sung, former deputy head Jang Chung-ki, and former Samsung C&T presidents Kim Shin, Choi Chi-hoon, and Lee Young-ho, among others. The amount claimed in the lawsuit is approximately 510 million won, which may increase following a professional evaluation. The case has been assigned to the Civil Agreement Division 31, presided over by Judge Kim Sang-woo.
In 2015, NPS voted in favor of the merger despite possessing 5.04% of Cheil Industries and 11.61% of Samsung C&T shares, giving it significant voting power. It was later revealed during special prosecutor investigations that NPS supported the merger under pressure from the government, which was accused of undervaluing Samsung C&T's worth.
Subsequently, U.S.-based hedge fund Elliott Management filed an investor-state dispute settlement (ISDS) against the South Korean government, which led to an order for the government to pay 130 billion won in damages in June.
Following these developments, there have been calls for NPS to seek damages from former President Park Geun-hye, former Minister of Health and Welfare Moon Hyung-pyo, and Lee Jae-yong. NPS has filed the damage claim just one year before the statute of limitations on such claims expires.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
