Yesterday (20 June), Jacob Tam, Executive Vice President/ Deputy BU Head at Samsung LED, vehemently refuted the Korea Herald’s and The Bell’s reporting of Samsung LED selling off its business unit in Tianjin to a Hong Kongese private equity firm.

Samsung LED, a light-emitting diodes (LED) unit of Samsung, the global electronics giant, has set up its first overseas manufacturing base in Tianjin, China. Tianjin Samsung LED Co., Ltd, was established with a starting capital of 30 million U.S. dollars, according to the Tianjin Economic-Technological Development Area (Teda) Administrative Commission. The spokesman Zhang Liang said Saturday that initial investment to the Tianjin manufacturing base would reach 90 million U.S. dollars.