A new wrinkle unfolds in the continuing merger battle between Samsung C&T and Elliot Associates. Several cartoons were removed from the Samsung C&T company website after alleged anti-Semitic themes.
The cartoons featured a caricature named “Vulture Man,” intended to depict investor and CEO of Elliot Associates, Paul Elliot Singer. The images depicted Vulture man lurking, in one instance, with a hatchet demanding money. The caricature sought to paint Singer as a type of corporate thug, attempting to sway opinion before the vote on Friday.
The vote, if passed, will secure the take-over of Samsung C&T by another Samsung Company, Cheil Industries, pitting the wealthy Lee family—owners of Samsung and Cheil holding company—against Korean shareholders and investors. A successful merger would mean continued family lineage for the Lees, securing their generational control.
In a statement written to the Observer, Samsung group responded: “We categorically denounce anti-Semitism in all its forms, and we are committed to respect for all individuals.”
Paul Singer responded to the situation stating, “I think it’s a shame that this element of anti-Semitism has crept into what is a business dispute. I don’t think the Korean people are anti-Semitic. I think there are some parties in this situation who want to paint this situation as Korea vs. the foreigners. And the Jewish component, I can’t imagine why they thought that was something that would get traction.”
A story released by the Korea Herald reports that the Seoul High Court turned down Elliot’ appeal on Thursday on his injunction to block the merger deal. This means the controversial merger vote will take place on Friday unimpeded.