Samsung denies payment default allegations, says Chairman Lee Kun Hee not involved

NEW DELHI: Samsung Electronics Wednesday said that neither the South Korean company nor its chairman Lee Kun Hee were involved in any alleged $1.4 million payment default, adding instead that it was the victim of a fraud perpetrated against its Dubai-based unit.

“There are no grounds, let alone evidence, to support the accusation against Chairman Lee. Chairman Lee is not involved in the day-to-day operations of the many overseas subsidiaries of Samsung,” a Samsung spokesperson said in a statement. "We are confident that the Indian Courts will recognize the innocence of Chairman Lee and deliver justice".

India's Supreme Court Wednesday asked Kun Hee to surrender before a local court in Ghaziabad within six weeks after the 72-year old failed to appear before the trial court in an alleged cheating case where an Indian company, JCE Consultancy, had complained in 2005 that Samsung had defaulted on a $1.4 million payment due to it for supplying coke calcination packages or equipment.