Hot on the heels of its announced restructuring plans, Samsung Electronic Co has approached the Taiwanese government for financial help, according to a report in the Wall Street Journal. On Wednesday Samsung confirmed reports that it is to close offices in London, New York and Singapore in a bid to stabilize its financial position in light of the Asian economic problems (CI No 3,331). The company is thought to have approached Taiwan following the island’s boasts that it is financially rich and unaffected by the woes of its Asian neighbors. Samsung is denying reports at the moment, but if it is true, Samsung will face opposition from China, which claims to control Taiwan, meaning any financial assistance will likely come from private investors. Taiwan could be one of the few beneficiaries of the Asian financial crisis, because companies are seeing the island as an increasingly attractive location option. Not only could international companies moving in boost its financial standing, it will also help improve the position of the island’s government. Korean conglomerate Daewoo Electronics Co is also thought to have approached Taiwan for financial assistance.
