Samsung Head Forks Over Millions To Further Lifesaving Merger

SEOUL: The chairman of South Korea's Samsung Group, Lee Kun-Hee, will dip into his deep pockets and fork over about 100 billion won (US$85.4 million) in personal assets to further entice Daewoo to take over debt-ridden Samsung Motors, a source from the Samsung Group said. The Financial Supervisory Commission (FSC) has been hinting Lee should assume some personal responsibility for dragging Samsung Motors down with his poor strategic decisions. With Lee's personal assets likely to be used to assist Samsung's subcontractors, Daewoo should find it easier to take over Samsung Motors, which has about 5 trillion won ($4.3 billion) in debts, the source said. The FSC Chairman Lee Hun-Jai said previously that Samsung would have to find an honorable way out of its auto business, and hinted that Lee Kun-Hee help find that way. By Bridge News, Bridge Information Systems