[Aju News DB]
Samsung Electronics delighted investors with a record amount of dividend and a share repurchase aimed at boosting the value of shares in an apparent bid to refresh its image tainted by a bribery scandal involving its de facto head.
In a report Tuesday on its fourth-quarter corporate earnings, which are better than expected by market watchers, Samsung promised to buy back 9.3 trillion won (7.97 billion US dollars) worth of its shares this year and pay a 2016 dividend of 27,500 won per share.
The total amount of dividend rose to 3.85 trillion won from 3.1 trillion won paid in 2015. Foreign investors will pocket Some 1.9 trillion won, or 50.8 percent, will go to foreign investors, and 190 billion won to the ruling family of South Korea's largest conglomerate.
The announcement came a week after a court rejected the arrest of Samsung Electronics vice chairman Jay Y. Lee on charges of bribery, embezzlement, and perjury over his role in a corruption scandal involving President Park Geun-hye and his jailed crony, Choi Soon-sil.
Special prosecutors have insisted Lee played a leading role in Samsung's cash donations, though his attorneys argued no strings have been attached, describing their client as the victim of coercion and blackmailing.
The scandal fanned public sentiment against corporate donations, which have long been a controversial issue in South Korea due to concern about collusive ties between businessmen and politicians.
Lee is accused of providing and pledging a total of 43 billion won in bribes to Choi who is on trial for meddling in state affairs and pocketing corporate money.
reporter
Park Sae-jin
swatchsjp@ajunews.com
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