Presidential Office Denies Reports of U.S. Government Considering Acquisition of Stakes in Korean Companies as "Groundless"

The Presidential Office dismissed as "groundless" foreign media reports claiming that the U.S. government is considering receiving shares in Korean companies such as Samsung Electronics in exchange for semiconductor subsidies.

Yonhap News Agency

On August 21, Presidential Office spokesperson Kang Yoo-jung stated in a briefing at the Yongsan Presidential Office, "The reports refer to converting subsidies into shares, as in the case of U.S. company Intel, but as far as we know, no Korean company has received subsidies yet."

She added, "Therefore, the premise of converting received subsidies into shares does not apply, and the companies have also confirmed that they have not received any such communication."

Kang further emphasized, "Because this is groundless, we suspect that various rumors have been circulating as leverage ahead of negotiations, but not from our side. The correct expression is not that this has not been confirmed, but that it is 'groundless.'"

Previously, on August 19 (local time), a foreign media outlet reported that U.S. Secretary of Commerce Howard Lutnick is considering a plan for the U.S. government to receive shares in companies building factories in the U.S. with support under the CHIPS Act.