50DN Wells Fargo 24

 

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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