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Samsung Group said Monday it will appeal a court ruling ordering it to pay part of a huge debt owed to creditors over its failed car-making venture. That will yet again prolong legal wrangling over the debts from Samsung Motors.
The Seoul Central District Court ordered Samsung affiliates on Jan. 31 to pay W2.3 trillion (US$1=W947) by selling stocks of Samsung Life Insurance, as creditors in the country's biggest-ever civil lawsuit has demanded.
Samsung said an earlier agreement had been extracted under duress in the wake of the 1997 financial crisis, saying creditors threatened to take financial penalties against Samsung. Contracts made under duress are void.
Fourteen creditors including Seoul Guarantee Insurance also plan to appeal the recent court ruling, which gives them rather less than the W5 trillion they had sued for. They will make a final decision at a meeting before the deadline for filing an appeal expires on Thursday.
(englishnews@chosun.com )
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