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NPS Mulling Damage Suit Against Figures Involved in Samsung Merger

Written: 2018-04-30 10:32:26Updated: 2018-04-30 15:53:44

NPS Mulling Damage Suit Against Figures Involved in Samsung Merger

The National Pension Service(NPS) is mulling filing a damage suit against people who exerted pressure on the pension agency to support a controversial merger between Samsung C&T and Cheil Industries. 

The agency unveiled the plan on Monday in a report on the parliament’s request that the agency file such a suit and exert efforts to win the case. 

The pension service stressed that once verdicts are issued for those being tried on the merger, it will take active measures to prevent the agency from suffering losses. 

The NPS is accused of voting in favor of Samsung C&T's merger with Cheil Industries in a shareholder meeting in July 2015, despite knowing it would suffer at least 139 billion won in losses. The merger is regarded to have played a key role in cementing Samsung heir Lee Jae-yong's control over the business empire. 

Former health minister Moon Hyung-pyo and the former investment chief of the NPS Hong Wan-sun are currently on trial on charges that they exerted pressure on the pension service to vote in favor of the merger.

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