Samsung drastically cuts funding for public technology foundation

2013_08_samsung_officeGovernment and funding company couldn’t agree on Samsung’s degree of control over foundation’s technological output
Samsung is reducing funding for its planned “future technology development foundation.”

Originally, the company said in May that it was putting up 1.5 trillion won (US$1.34 billion) over the next ten years to support the “creative economy” pledged by the government. Now the allotted amount has dropped to 500 billion won (US$446 million), with the remaining one trillion won to be provided through a new “future technology training center” within Samsung Electronics. The move is expected to trigger an outcry, with critics claiming it runs counter to the initial pledge of Samsung establishing a foundation that would work in the public interest.

For full article, see The Hankyore.

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