Nothing to see here; move on, please
Last modified on Thursday, 29 November 2007 02:30
Samsung has said that it is not concerned about the recent bribery scandal and has attempted to assure investors that all is well.
Chu Woo-sik, Head of Investor Relations at Samsung Electronics, told a forum of investors and analysts the company was "...unfazed by all this..." and that there was nothing to worry about, since "...truth will prevail." Prosecutors are probing allegations that Samsung officials kept a slush fund and bribed prosecutors, judges and lawmakers. The slush fund is believed to be as large as $215 million.
Chu admitted the investigation was "worrisome," but he said that Samsung would do "whatever is needed to raise the competitiveness of this company."
He predicted a dramatic increase in sales and profits, but said the company must seek new areas of growth such as printers, sophisticated logic computer chips and other areas.