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| Name | Symbol | Market | Type |
|---|---|---|---|
| Wells Fargo 24 | LSE:50DN | London | Medium Term Loan |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 108.868 | 0 | 00:00:00 |
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TIDM50DN
RNS Number : 5185M
Samsung Heavy Industries Co., Ltd
30 January 2009
Lawsuit
+-------------------+-----------------------------------------------+-----------------------------------------------+
| 1. Event | Recourse action has been filed against SHI |
| | (Samsung Heavy Industries) in China |
+-------------------------------------------------------------------+-----------------------------------------------+
| 2. Plaintiff | IOPC Fund 1992(The International Oil |
| | Pollution Compensation Fund 1992) |
+-------------------------------------------------------------------+-----------------------------------------------+
| 3. Claims in Lawsuit | IOPC Fund argues that SHI compensates for |
| | IOPC's damages, amounting to USD 200 million, |
| | plus interest due to Taean marine |
| | incident(the collision with Hebei Spirit) |
+-------------------------------------------------------------------+-----------------------------------------------+
| 4. Amount | Claim Amount | KRW 276.6 billion |
+ +-----------------------------------------------+-----------------------------------------------+
| | Equity of SHI | KRW 1,809.9 billion |
+ +-------------------+-----------------------------------------------+
| | Ratio of Claimed | 15.28% |
| | amount to SHI's | |
| | Equity | |
+-------------------+-------------------+-----------------------------------------------+
| 5. Court | Ningbo Maritime Court, China |
+-------------------------------------------------------------------+-----------------------------------------------+
| 6. Forecast | 1) Because this lawsuit must have been |
| | determined by the Korean court in accordance |
| | with the relevant international laws, the |
| | lawsuit in China will be dismissed |
| | 2) Because the Chinese Laws in regard to the |
| | limitation of liability for the maritime |
| | claims are almost same as those of Korea, |
| | SHI's liability will always be limited to the |
| | maximum extent(USD 3.6 million) permitted by |
| | the Laws |
+-------------------------------------------------------------------+-----------------------------------------------+
| 7. Filing Date | January 18, 2009 |
+-------------------------------------------------------------------+-----------------------------------------------+
| 8. SHI's Acknowledgement | January 29, 2009 |
| Date of Filing | |
+-------------------------------------------------------------------+-----------------------------------------------+
| 9. Others | The above amount is based on the exchange |
| | rate of KRW/USD 1,383.1, the market base rate |
| | of January 29, 2009 |
+-------------------+-----------------------------------------------+-----------------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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