Samsung merger that sparked anti-Semitic canards approved

Marcy Oster

(JTA) — A merger of two South Korean Samsung affiliates, which sparked anti-Semitic expression in local media, was approved by shareholders.

The merger of construction company Samsung C&T and Cheil Industries was opposed and fought against by the New York-based hedge fund Elliott Associates, which is owned and managed by Paul Singer, who is Jewish. Elliot Associates was C&T’s second largest shareholder.

The companies are both part of the Samsung Group, the country’s largest family-controlled conglomerate.

The merger was approved Friday at a General Shareholder Meeting.

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In reporting on the proposed merger, at least two South Korean media outlets blamed Jews for attempting to block the deal. One publication wrote that Jewish power on Wall Street “has long been known to be ruthless and merciless.” A columnist wrote that “Jews are known to wield enormous power on Wall Street and in global financial circles” and “It is a well-known fact that the U.S. government is swayed by Jewish capital.”

In a letter to the Anti-Defamation League last week, both companies condemned anti-Semitism.

“We are a company that is committed to respect for individuals and enforces strict non-discrimination policies,” they wrote. “We condemn anti-Semitism in all its forms.”

The day before the vote, Samsung C &T removed from its website cartoons attacking Singer, including one depicting Singer as a vulture and another showing him hiding an axe behind his back while taking money from a man in ragged clothes.

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