Ex-Samsung executive emerges as savior of troubled firms
.jpg)
Chin Dae-je
By Kim Yoo-chul
A former Samsung Electronics president has emerged as a savior for troubled local handset manufacturer, Pantech, as he has a proven track record in helping financially troubled companies turn things around.
Chin Dae-je, who served as the information and communication minister from 2003 to 2006 after serving as the CEO of Samsung Electronics’ digital media unit, is set to help Pantech.
Optis, a manufacturer of optical disk drives, recently signed an agreement with Pantech creditors to acquire all Pantech’s debts, stressing that it will help the smallest mobile carrier expand its business territories focusing on countries in the Southeast Asian region.
Optis was established by former Samsung Electronics executives. Its biggest shareholder is Skylake Investment, a private equity fund (PEF) which was created by Chin in 2006.
“Pantech has patents and competitive technology. Skylake will try its best to help Pantech normalize its business and find new growth engines,” Chin said.
The PEF is currently conducting due diligence on the reeling handset manufacturer after the Seoul Central District Court approved the survival plan.
“Currently, there are no serious problems to close the Pantech deal,” said Chin. The deal will be closed on July 17 and officials said the court plans to approve the takeover.
Pantech is better known for its Vega-branded smartphone lineup. It was the No. 2 phone maker in Korea. However, the company was defeated by Samsung and LG in the local market due to the lack of cash to promote its devices.
Chin significantly helped Samsung Electronics emerge as the global top memory chip supplier leading projects to develop advanced DRAM memory chips ahead of Japanese rivals.
His achievement impressed Samsung Electronics Chairman Lee Kun-hee and he was promoted to CEO of the company.
“Creating the ecosystem is in sync with investments for local startups,” said Chin. In 2008, Skylake invested in WeMade Entertainment and the return rates were a stunning 200 percent.
“The one principle that’s been pursued by the fund is to invest in companies that have patents,” he said.
He received a Ph.D. in electrical engineering from Stanford University in 1983, an M.S. in electrical engineering from the University of Massachusetts in 1979, and an M.S. and a B.S. in electrical engineering from Seoul National University in 1976.