Samsung Electronics Vice Chairman Lee Jae-yong (left)
The group -- led by corporate governance expert Kim Sang-jo -- warned the move could turn out to be a “failure” if ordinary shareholders who hold 65 percent of shares in Samsung Heavy Industries decide not to participate.
So far, unlike at the end of 2015 when the vice chairman announced plans to acquire forfeited stocks for a capital increase for Samsung Engineering
, Lee has yet to announce whether he plans to pitch in.
“If the capital increase for Samsung Heavy ends in failure, Vice Chairman Lee Jae-yong and the founding family will have to take responsibility,” the civic group said.
The plans for a capital increase are a part of the ailing firm’s self-restructuring plans.
However, Solidarity for Economic Reform pointed out that outside of these efforts, the Samsung founding family has done nothing to help with restructuring efforts.
On Aug. 19, Samsung Heavy held a board meeting where they decided on a 1.1 trillion won ($980 million) capital increase.
Currently, Samsung Electronics holds a 17.62 percent stake in Samsung Heavy Industries, while Samsung Life Insurance
holds 3.39 percent and Samsung Electro-Mechanics
holds 2.39 percent. Samsung SDI
, Samsung C&T
and Cheil Worldwide
together holds less than 1 percent stake.
The Samsung founding family does not hold any shares in Samsung Heavy.
By Kim Ji-hyun (email@example.com