Korea`s largest business group Samsung may not repay the 2,800 billion won (US$2.35 billion) it promised to on behalf of its failed auto-venture Samsung Motor, say Asian news sources (13/12/00). Officials say that such a move would not derail Samsung Motors, taken over by Renault earlier this year.

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According to the article, Samsung Group Chairman Lee Kun-hee said in 1999 that stock worth about 2,800 billion won in Samsung Life Insurance Co. would be sold to cover Samsung Motor`s 4,300 billion won debt.


French auto-maker Renault bought Samsung`s assets in April for $US565 million after creditors agreed to swap 44 billion won of debt for equity.


 

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