Samsung and LG agree to bury the legal hatchet

31 Mar 2015 | Author: | No comments yet »

Samsung Mobile Chief’s pay more than doubled in 2014.

Samsung paid co-chief executive J.K. South Korean rivals Samsung and LG said on Tuesday they have agreed to call off all their legal disputes including a bitter months-long conflict over a set of damaged washing machines.The South Korean arch-rivals said Tuesday that a consensus had been reached among top executives from both sides that it was time to focus on improving their products and services for the customers, according to a joint statement. Shin, who oversaw the company’s ascent to the top of the smartphone market, $13 million in 2014, more than double what he received in the previous year. Samsung first sued some LG executives last September for allegedly damaging the door hinges of three “Crystal Blue” washing machines on display at two separate retail stores in Berlin before the trade show.

The announcement comes more than a month after LG appliances chief Jo Seong-jin was indicted by Seoul prosecutors on a charge of deliberately damaging Samsung washing machines at a retail store in Germany last September, following a formal complaint filed by Samsung seeking criminal punishment. South Korean prosecutors raided LG’s Seoul headquarters in December and probed the company’s top executives including Jo Seong-jin, the head of the home appliance division. In defense, LG released last month video footage of Jo testing different Samsung machines displayed in stores, claiming it was not a move to harm but a regular practice to test the rival’s products. When LG published surveillance video footage to YouTube in an attempt to prove Jo’s innocence, Samsung said the video was heavily edited in the executive’s favor. The executive received 9.11 billion won in other payments, which included an unspecified one-time bonus payment, which a spokeswoman said was related to the company’s 2013 performance and paid in 2014.

Samsung has released its latest premium flagship smartphones – Galaxy S6 and Galaxy S6 Edge with a curved-screen – hoping to lift its smartphone profits, which plunged in the past quarters. Last year the smartphone maker lost out to arch-rival Apple Inc in the premium segment and lost market share to Chinese manufacturers like Xiaomi in the low-end market.

Samsung Display employees were indicted in February on charges of stealing organic light-emitting diode (OLED) display panel technology from LG Display. The two companies have also decided to stop an ongoing feud between their sister affiliates, Samsung Display and LG Display, over allegations of theft of OLED technologies.

The firm’s latest Galaxy S phones, which will start selling in April, have been well-received by critics and analysts say new mid-tier models have sold well in the January-March quarter. Samsung chief executive Kwon Oh-hyun, who also heads the firm’s components business, got a 9.39 billion won package, up from 6.77 billion won a year earlier as the chips division’s 2014 profit hit a four-year high.

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