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Politics : Formerly About Applied Materials

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3:59 PM EST

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To: StanX Long who wrote (62372)	3/27/2002 3:55:22 AM
From: StanX Long	Read Replies (1) of 70976

LG Electronics to Cut Off Affiliates After Split (Update1) By Young-Jo Bae 03/27 01:59 quote.bloomberg.com Seoul, March 27 (Bloomberg) -- LG Electronics Inc., South Korea's second-largest maker of home appliances, said its split with affiliates such as Dacom Corp. and LG Telecom Ltd. next Monday marks the end of subsidies to cash-strapped units that have hurt its profit and share price. LG Electronics, which is spinning off more than 12 affiliates into a separate holding company, has been criticized by investors for failing to disclose how much money it was pumping into weaker units. ``Our former affiliates' problems are none of our business,'' said Chief Financial Officer Jung Byung Chul in an interview. ``It'll be the end of LG Electronics if transparency problems come up even after the split.'' LG Electronics' unwinding of its cross-shareholdings, like Hyundai and other industrial groups, is part of a reform process in Korea to make corporate earnings transparent and gear corporate policy-making to the interests of shareholders, not affiliates. LG Electronics shares, which have surged 150 percent since the breakup was first announced in mid-November, may post further gains when they resume trading late in April, analysts said.

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