SAMSUNG TO APPEAL MOTOR RULING BY COURT

South Korean conglomerate Samsung is to appeal a ruling that could cost the company KRW2.3tn ($2.43bn) and would have an impact on the company’s life operation, Samsung Life. A court last month ruled against Samsung in a civil action. Creditors had taken legal action early in 2003 in a bid to recover debts from Samsung Auto, which was sold to France-based Renault in 2000. Samsung had until Thursday this week to file an appeal. In 1999, Samsung group chairman Lee Kun-hee gave creditors 3.5m shares in Samsung Life, which is unlisted, to cover the debts of the motor unit. However, because of the life unit’s unlisted status, creditors could not easily monetise this asset. As a result, they filed the lawsuit to recover their debts.