SEOUL, Korea, Republic Of -- South Korea's top economic policymaker says the bitter fight between Samsung and an American hedge fund over a contentious business deal shows that the country needs to do more to protect shareholder rights.
Finance minister Choi Kyung-hwan told foreign media Tuesday that South Korea needs to win trust from foreign investors by making sure that companies protect the long-term interests of shareholders as well as short-term value.
Elliott Associates tried to prevent a takeover between Samsung companies that was seen as strengthening founding family influence over Samsung Electronics.
Samsung narrowly secured shareholder approval last week helped by a last ditch campaign to woo support.
Choi said South Korea welcomes foreign investors like Elliott.
