23rd Mar 2018 07:25
Transaction with Affiliate Company
Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on March 23, 2018 announced that its Board of Directors authorized the following related-party transaction with an affiliated company.
Purchase of products/completed operations liability policy from Samsung Fire & Marine Insurance
- Purchase of product/completed operations insurance to cover liability for property damage or injuries to a third party caused by a product defect
□ Major Transaction Terms
Insurer | Samsung Fire & Marine Insurance |
Application Date | April 1, 2018 |
Type of Insurance | Products/completed operations liability policy |
Insurance Premium | KRW 8,500 million |
Insurance Benefit | - |
Insurance Period | April 1, 2018-March 31, 2019 (1 year) |
Total Insurance Premium | KRW 8,500 million |
Insurance Coverage | Liability for property damage or injuries to a third party caused by a product defect |
Method of Insurance Payment | Lump sum |
Interest rate (%) | - |
Other Information:
ž The total insurance premium is subject to changes in currency exchange rates
ž Number of Independent Directors present at the BOD Meeting: 6 (100%)
ž Attendance of Audit Committee: Y
※ This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must disclose financial and real estate transactions in the event the value of such a transaction is greater or equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the disclosure.
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