Yale Grad Fights the Families Who Rule Samsung to Hyundai

South Korean lawmakers are threatening to weaken the control the nation’s wealthiest dynasties wield over business empires ranging from Samsung Group to Hyundai Motor (005380) Group.
Led by Nam Kyung Pil, a group of 24 ruling party members submitted a bill on Aug. 6 to deny voting rights on cross shareholdings, used by families for decades to control industrial groups known as chaebol with only minority stakes. Growing public discontent with their power and the lenient treatment of white-collar crimes may help the legislation pass into law as early as this year, he said.
“Enough is enough,” Nam, a 47-year old Yale University- educated lawmaker, said in an interview in Seoul last week. “People’s resentment toward the chaebol has accumulated over the years and now it’s blown up.”
The bill is a challenge to founding families who’ve weathered past campaigns because it’s being spearheaded by members of a party that controls parliament and is traditionally pro-business, corporate governance researchers said. Korea’s tycoons may need to spend $24 billion boosting holdings or risk ceding control, according to Chaebul.com, a Seoul-based organization that collects information about conglomerates.
“If you strip them of their voting rights, that is a big deal,” said Shaun Cochran, head of Korea research at CLSA in Seoul. “It’s highly significant and could act as a catalyst to create some positive change in Korea’s corporate structures.”
Voting Rights
Chae Yi Bai, a researcher at the Center for Good Corporate Governance, a Seoul-based private organization that monitors South Korean business groups, said some form of tougher legislation is likely to pass because members of both the opposition and ruling parties are now proposing bills. If Nam’s plan becomes part of his party’s campaign platform for the Presidential election in December, it will definitely be voted into law, Chae said.
Under Nam’s proposal to the National Assembly, existing cross shareholdings in business groups would carry no voting rights and any further purchase of stock between chaebol companies would be banned. The rules are meant to turn the conglomerates into holding companies, Nam said. The opposition Democratic United Party wants cross shareholdings be banned altogether.
“It might be painful for the heads of the corporations, but if these revisions take effect, there won’t be any more foul play,” Nam said. “A holdings company structure is more transparent and strengthens the group as a whole.”
Dismantling Ownership
Officials from the offices of the floor leaders and spokespeople of the ruling New Frontier Party in the National Assembly declined to comment on Nam’s proposal. Frank Ahrens, a spokesman at Hyundai Motor Co., declined to comment. Samsung Group declined to comment on the bill in an e-mailed response to queries.
Such a law would put pointless pressure on corporations, cause investment to shrink and hamper job creation, the Federation of Korean Industries, the nation’s main business lobbying group, said in a Aug. 6 statement. It has argued that dismantling the current ownership structure would cause chaos and roil the economy.
Count Samsung Group Chairman Lee Kun Hee, South Korea’s richest man, among those who may find such rules painful. The patriarch of the biggest chaebol only owns 3.4 percent of Samsung Electronics Co. (005930)’s common stock and 0.1 percent of its preferred shares, 21 percent of Samsung Life Insurance Co. (032830) and 1.4 percent of Samsung C&T Corp. (000830), according to the Bloomberg Billionaires Index. Yet he controls a collection of 84 companies connected by a maze of shareholdings.
Shareholding Maze
For example, the 70-year-old billionaire is the biggest shareholder of Samsung Life, which owns 7.5 percent of Samsung Electronics, which holds 35 percent of Samsung Card (029780), which has 5 percent of unlisted theme-park operator Samsung Everland, which in turn owns 19 percent of Samsung Life. His son Jae Yong owns 25 percent of unlisted Everland and 0.6 percent of Samsung Electronics.
At Hyundai Motor, Chairman Chung Mong Koo controls the nation’s top carmaker and 54 other companies that make up the nation’s second-largest chaebol through another web of shareholdings. Chung, 74, controls Hyundai Motor through holdings involving Kia Motors Corp. (000270) and Hyundai Mobis. (012330) Those companies also own stakes in group units including Hyundai Engineering & Construction Co. (000720)
Lee Sang Hun, who specializes in chaebol research at Seoul- based HI Investment & Securities Co., said the bill may hamper succession plans for the next generation of South Korean business tycoons.
‘No Return’
“The groups will have to take action and shuffle their ownership structures in order to ensure that the owners retain their power,” Lee said.
Scions at Samsung, Hyundai Motor and Hyundai Heavy Industries Co. (009540) would face the biggest challenges to inherit control of their families’ business empires should the legislation pass, said Kim Sang Jo, a professor at Seoul’s Hansung University who also leads Solidarity for Economic Reform, a shareholder activist group. The combined market values of Samsung Electronics and Hyundai Motor alone is 230 trillion won.
“Korea has passed the point of no return, crossed that river, and the debates we have today won’t go away,” Kim said. “But we can’t be certain of an outcome until after the presidential election.”
Chaebul.com estimates it would cost as much as 27.6 trillion won ($24 billion) for the nation’s six-largest conglomerates to reorganize into holding companies, and 10.8 trillion won at Hyundai Motor Group. The Center for Good Corporate Governance estimates the total cost to be about 9.7 trillion won.
Mounting Scrutiny
While cross shareholdings exist in overseas markets such as Japan, France and Germany, the practice has been perfected by Korean families for retaining control of businesses at a minimum cost, said Chae, the corporate governance researcher.
The chaebol have been under mounting scrutiny in Korea with opinion polls conducted this year by the nation’s two main political parties showing deteriorating sentiment toward them. A Feb. 6 survey showed 62 percent of respondents believed the business groups contributed to the nation’s economic development, down from 70 percent in August 2011.
Nam is also seeking to increase sentences and limit the scope for judges to suspend jail terms for leaders of the chaebol. The heads of Samsung, Hyundai Motor and SK Group have all been convicted of white-collar crimes and all of them received prison terms that were ultimately suspended.
Electric Shocker
Hanwha Group Chairman Kim Seung Youn, who in 2007 was convicted, then pardoned for striking a man with a steel pipe and threatening others with an electric shock device, was jailed this month for embezzlement. Kim said he plans to appeal the Aug. 16 conviction.
The chaebol weren’t always demonized. Originally modeled after Japan’s zaibatsu conglomerate system, they took a leading role in South Korea after Park Chung Hee seized the country’s presidency through a military coup in 1961 and promoted industrialization through multiyear economic plans.
Though the chaebol helped push through Korea’s industrialization during the following decades, the International Monetary Fund cited their debt-driven practices as part of the reason the economy landed in a financial crisis at the end of 1997.
Tom Coyner, who helps advise foreign investors in Korea as president of Soft Landing Consulting Ltd. in Seoul, said Nam’s anti-chaebol push may be short lived.
“Over the years politicians of various political parties have tried to reduce the near monopoly of the chaebol in the Korean economy but as we’ve seen they’ve always failed,” he said. “It could simply be window dressing for the upcoming presidential election.”
Nam said he’s confident a bill restricting cross shareholding will pass, regardless of which party.
“I predict there will at least be a tight restriction on voting rights over affiliates under the cross shareholding structure,” Nam said.
To contact the reporter on this story: Rose Kim in Seoul at rkim76@bloomberg.net
To contact the editor responsible for this story: Young-Sam Cho at ycho2@bloomberg.net
Buy wine in Fort Global City, Metro Manila, Philippines at good wine shops and boutique wine stores that offer good selection of good vintage wines at all price points. Wine lovers in Philippines can find good wines from France in wine shops in Manila and Pampanga. Among the good selections of French red wines from Burgundy are Domaine de La Romanee Conti or DRC, Chambertin, Pommard, Clos de Vougeot, Domaine Leroy, Bonnes Mares, La Tache, Vosne Romanee, Echeazeaux, Romanee St. Vivant, Volnay, Morey St. Denis, Nuits St. Georges. This makes it easy and convenient for wine lovers to buy wine in Manila. If you are thinking of buying wines to give as gift in the Philippines, then contact Yats Wine Cellars now because they offer special vintage wines suitable as gift at all price points. Since most of these wines are not available in Manila, these wine gifts are excellent choices for corporate gifts as well as wine gifts for personal and social purposes.

http://www.bloomberg.com/news/2012-08-28/yale-graduate-fights-korean-families-who-rule-samsung-to-hyundai.html
Samsung Ambushed by Apple Prompts Hedged Bets at Fair
Samsung Electronics Co. (005930) was humiliated when Apple Inc. (AAPL) forced it to remove a tablet on display at the Berlin IFA fair, the world’s biggest consumer- electronics companies are racing to avoid similar gaffes as the annual gathering gets under way.
Makers of mobile phones, computers and television sets have registered a record number of rights with German authorities this year to weed out imitations, said Claudia Rossow-Scholl, a customs officer who has worked at IFA since 2005. Exhibitors have also taken licenses for more inventions than ever from peers as they seek to avoid their devices being drawn into scrutiny, she said.
Samsung, Sony Corp. (6758) to Acer Inc. (2353) are among companies preparing to show their wares at Europe’s largest consumer- electronics fair, which generated 3.7 billion euros ($4.6 billion) in orders last year. The event kicks off as makers are digesting Apple’s $1 billion patent victory against Samsung, a verdict that shook the industry and that may lead to a U.S. sales ban of some of the South Korean company’s smartphones.
“There are rights holders who approach us ahead of the show and say, have a look at this or that rival product,” Rossow-Scholl said in an interview after weeks of reviewing gadgets that are delivered to Berlin to be displayed, declining to name specific manufacturers. “Companies have become a lot more watchful.”
Tablet Removed
Germany is a hotspot for technology-patent litigation. While companies including Google Inc. (GOOG)’s Motorola Mobility unit, Microsoft Corp. (MSFT), Apple and Samsung have been suing each other around the globe, one of the focus jurisdictions is Germany because its courts allow for swift action and cover an important market for mobile devices.
Following a decision by a Dusseldorf court last August in favor of Apple to temporarily ban the sale of Samsung’s Galaxy 10.1 tablet in Germany, Suwon, South Korea-based Samsung redesigned the device by relocating the speaker and changing the shape. The smaller 7.7 model was removed a few weeks later during IFA after Apple won an injunction.
Device makers are under pressure to woo customers with machines that appeal to the masses while also having to dedicate large development teams to differentiating their designs. Profit margins are being squeezed as the economic slowdown hurts demand, be it in the fast-growing $219 billion smartphone market, or the laptop and television markets.
Fairground Investigators
Samsung, the losing party in the Aug. 24 U.S. verdict, is set to unveil new products at IFA as it searches for a response to the ruling against its phones and tablets running the Android operating system. The company plans to show devices with Microsoft’s new Windows 8 software, according to a person familiar with the plan. Samsung will also display the next version of its Galaxy Note tablet, which sold more than 10 million units in less than a year, the person said, asking not to be identified because the plans are confidential.
Franziska Heuer, a spokeswoman for Samsung in Germany, declined to comment on the company’s legal strategy for IFA. Sally Osman, a spokeswoman for Tokyo-based Sony, declined to comment on any implications from the Apple ruling. A representative in Germany for Taipei-based Acer also declined to comment.
Very-high-definition TVs from LG Electronics Inc. (066570) and Toshiba Corp. (6502) will also be among products on display at the event, which attracted 240,000 visitors last year, according to the the event’s organizers. This year’s IFA starts Aug. 31.
Hammers, Forklifts
About one out of 20 devices that pass through customs are set aside by officers for closer inspection by the company that claims the patent violation, according to customs officials. Such inspections can take about a week and some machines miss the exhibition because of the delay, Rossow-Scholl said.
If customs officials are convinced that infringement is involved, they will destroy the gadgets. The tools used to render them unusable range from hammers to forklifts.
To scout for any hardware that may be infringing a patent and hasn’t been caught by customs, companies send intellectual- property lawyers, such as Magnus Hirsch from SKW Schwarz Rechtsanwaelte in Frankfurt, around the fair booths. It’s possible to win and enforce an injunction within a day, he said.
“With the help of the police or the customs, you get the products taken right off the booth,” Hirsch said. “Sometimes you can even get the complete booth closed down, but you’ll achieve that only in extreme cases of infringements.”
Court Injunction
Police and customs can step in because illegal copying can be a crime under German law or a violation of import rules. The officers will only act in obvious cases where a product is close to identical with the protected original, Hirsch said. If the infringement is more sophisticated lawyers need to get an injunction from a court, he said.
Not clarifying the rights to use a certain technology, be it a software function or a design element, is a gamble. In making ad-hoc decisions on whether a product may be infringing a patent, authorities rely on information from the company that’s claiming the violation, Rossow-Scholl said.
To keep patent disputes from breaking into the open during the fair, the organizers have set up a mediation desk to help settle conflicts ahead of time. The desk, which was introduced in 2009 to mainly assist Chinese companies, is adding mediators this year because of increasing demand from non-Chinese exhibitors, said Nicole von der Ropp, an IFA spokeswoman. She declined to name companies using the service.
Five Truckloads
The organizers’ and German authorities’ diligence has helped make IFA a more heated patent battleground than many other large exhibitions. The GSMA, which organizes the annual Mobile World Congress in Barcelona, said it’s not offering any services to mediate patent conflicts and products there would only be removed from stands by court order.
IFA officials’ alertness has also made exhibitors more obedient of patent rules. In 2008, more than 220 officials hauled off five truckloads worth of illicit electronics from IFA, according to Norbert Scheithauer from the Berlin- Brandenburg customs investigation. This year, he said he expects fewer than 30 items to be removed from the fair as companies seek to avoid reputational damage.
The Berlin Regional Court has also set up a special work schedule making sure judges are always available during IFA to handle bids for injunctions, court spokesman Ulrich Wimmer said. Several extra court officers will be on duty to help execute orders on the fair’s premises if needed, he said.
“If there’s a big clash during the event, it’s not beneficial for any parties involved or for Germany as a technology location,” said Maurice Shahd, a spokesman for the Bitkom industry association, which represents technology companies including device manufacturers. “That’s why it’s important that infringements are dealt with in a proactive way.”
To contact the reporters on this story: Cornelius Rahn in Berlin at crahn2@bloomberg.net; Jonathan Browning in Berlin at jbrowning9@bloomberg.net; Karin Matussek in Berlin at kmatussek@bloomberg.net
To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

Buy wine in Fort Global City, Metro Manila, Philippines at good wine shops and boutique wine stores that offer good selection of good vintage wines at all price points. Wine lovers in Philippines can find good wines from France in wine shops in Manila and Pampanga. Among the good selections of French red wines from Burgundy are Domaine de La Romanee Conti or DRC, Chambertin, Pommard, Clos de Vougeot, Domaine Leroy, Bonnes Mares, La Tache, Vosne Romanee, Echeazeaux, Romanee St. Vivant, Volnay, Morey St. Denis, Nuits St. Georges. This makes it easy and convenient for wine lovers to buy wine in Manila. If you are thinking of buying wines to give as gift in the Philippines, then contact Yats Wine Cellars now because they offer special vintage wines suitable as gift at all price points. Since most of these wines are not available in Manila, these wine gifts are excellent choices for corporate gifts as well as wine gifts for personal and social purposes.

http://www.bloomberg.com/news/2012-08-28/samsung-ambushed-by-apple-prompts-hedged-bets-at-fair.html
Clark Wine Center was built in 2003 by Hong Kong-based Yats International Leisure Philippines to become the largest wine shop in Philippines supplying Asia’s wine lovers with fine vintage wines at attractive prices. Today, this wine shop in Clark Philippines offers over 2000 selections of fine wines from all major wine regions in the world. As a leading wine supplier in Philippines, Pampanga’s Clark Wine Center offers an incomparable breadth of vintages, wines from back vintages spanning over 50 years. Clark Wine Center is located in Pampanga Clark Freeport Zone adjacent to Angeles City, just 25 minutes from Subic and 45 minutes from Manila.

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This is one of the frequently visited places for wine lovers from Manila and Angeles City to buy wines in Pampanga.

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Yats Leisure Philippines

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023

Tel: 0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Road, Ortigas Centger,
Metro Manila, Philippines 1605

Tel: (632) 637-5019 0917-540-3626 ask for Rea or Chay

Log on to this web site for more information about Yats Wine Cellars as the leading wine importer and wine supplier in the Philippines:

ats Wine Cellars Leading Wine Supplier in Philippines

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

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The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
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Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

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TRAILER TWO

Tourists and residents of Manila travel out of town to the north on a short getaway look for the best place in Clark to buy some fine vintage wine to bring home after their holidays and vacations. Many find a top rated wine shop called Clark Wine Center to be an exciting place to do some shopping in Clark Pampanga. This famous wine shop is highly recommended for visitors going to Clark Pampanga to drink good wine, relax and unwind with friends and families. Clark Wine Center is also lauded by wine and food lovers from Manila and tourists from abroad as the best place to buy wine in Pampanga.

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ats Wine Cellars Leading Wine Supplier in Philippines

Wine Catering is a unique product of Yats Wine Cellars, created back in 2005 in response to a growing demand for private wine parties in Manila, Cebu, Subic, Angeles Clark Philippines.

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Yats Wine Cellars can be reached at their Clark Wine Center Philippines wine shop located on the main highway M A Roxas of Pampanga Clark Freeport Zone or their sales office in Ortigas Centre, Metro Manila. Here is the contact information:

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center

Yats Leisure Philippines

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

Log on to this web site for more information about Yats Wine Cellars as the leading wine importer and wine supplier in the Philippines:

ats Wine Cellars Leading Wine Supplier in Philippines

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com

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