November 20, 1987 |
Lee Byung-chull, one of the fathers of modern industrial South Korea, died Thursday of lung cancer. He was 77. Lee, the chairman and founder of the Samsung Group--a top conglomerate with 26 large subsidiaries engaged in electronics, machinery, shipbuilding, textiles and hotels--started his business in 1938 and rebuilt it after the 1950-53 Korean War into a high-technology manufacturer and South Korea's first major trading company.
April 17, 2008 |
Special prosecutors said today that they indicted Samsung Group Chairman Lee Kun-hee on charges of tax evasion and breach of trust, while clearing South Korea's biggest industrial conglomerate of bribery allegations. The prosecutors said in a statement that they would not arrest Lee as it would "cause enormous disruptions" in Samsung corporate management and have "negative repercussions on our economy."
January 30, 1997 |
3DO Co., concentrating on computer games and the Internet, said it will leave the hardware business by forming a semiconductor company with South Korean electronics maker Samsung Group. The company, which was unable to succeed with its innovative game player, said last year that it would sell its hardware division or form a joint venture with it.
April 20, 1985
The chairman of Chrysler and South Korea's Samsung business group reported that the joint venture calls for the development of a South Korean supply base for automotive parts and components for Chrysler. The announcement said the proposed joint venture "will continue studies to determine the eventual possibility of car assembly in Korea." Iacocca said Chrysler and Samsung each will own 50% of the new company, but he refused to disclose the size of the proposed joint venture's capital.
October 2, 1998 |
South Korea on Thursday threw open the sale of Kia Motors Corp. to the highest bidder, dropping onerous debt conditions in a bid to end a 14-month saga that helped tip the country into recession. After two failed auctions, Korea Development Bank and other creditors said they won't limit the amount of Kia debt they are prepared to forgive. In the third auction, set for Oct. 19, bidders will submit a price for Kia and how much debt they're willing to accept. Ford Motor Co., General Motors Corp.
July 9, 1992
When the sky falls, the giants get hit first. The world's biggest industrial companies learned that proverb in 1991, with profits tumbling 28.2%, sales gains lagging inflation and the number of money-losers more than doubling from a year earlier, Fortune magazine reports. "It was a bad year everywhere," the twice-monthly business glossy said in its third annual "Global 500" tally to be published in the July 27 edition. "The pain was global in 1991."