India’s Supreme Court ordered Samsung Group’s chairman Lee Kun-hee to come to India to face criminal charges

April 16, 2014 Leave a comment

India’s Top Court Orders Samsung Chairman Lee Kun-hee to Surrender

Mr. Lee Given Six Weeks to Appear Before Court in Uttar Pradesh

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R. JAI KRISHNA

April 2, 2014 5:04 a.m. ET

Lee Kun-hee arrives for a Samsung event in Seoul, on Jan. 2, accompanied by his daughter. Bloomberg News

DELHI—India’s Supreme Court on Wednesday ordered Samsung Group’s chairman Lee Kun-hee to come to India to face criminal charges.

Mr. Lee has six weeks to appear before a court in the city of Ghaziabad, Uttar Pradesh, according to the court order. After the deadline, police will have orders to arrest Mr. Lee if he enters India, the court said.

The criminal charges facing the head of South Korea’s largest conglomerate date back to 2009. The charges stem from a complaint by New Delhi-based JCE Consultancy thatSamsung Electronics Co. 005930.SE +1.34% ‘s Dubai subsidiary allegedly failed to make a payment of $1.43 million.

If he is found guilty, Mr. Lee could face two years in prison and fines.

Samsung Group declined to comment.

 

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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