On Wednesday, Samsung Group heralded Jay Y. Lee, amid a bribery controversy, apologized for contentious estate plans and said he would not give the family-controlled conglomerate management rights to his children. In August, in five years, his first official speech was reversed by the Supreme Court in an appellate court decision on the case of fraud, increasing the risk for the leader of South Korea of a harsher sentence and a possible prison return.
We sometimes struggled to satisfy the standards of society. We have also been frustrated and concerned that we have not strictly complied with the law and ethical principles, Lee, 51, said to a press conference in the Seoul office of the group. He also apologised for the actions of the managers who captured the work union’s work and promised to protect the tech giant’s labour rights.
In other cases, several previous and current managers of the Samsung Group have been investigated or prosecuted. For example, in December, for sabotaging union operations, Lee Sang-hoon, then president of the board of Samsung Electronics Co Ltd., was arrested. Since then, he has withdrawn and appealed. Lee’s comments came in March after Samsung’s monitoring panel told him to apologise for the treatment of successions, labour, and all other problems.
After a judge supervising Lee’s prosecution of Fraud criticised the conglomerate for lack of an appropriate mechanism for complying with the regulations in January, January Samsung set up a regulatory committee. They also faced scepticism by the governing experts who have called it a gesture more geared at ensuring leniency in court, headed by a retired Supreme Court judge. The excuses and promises are both elusive. Kim Woo-chan, professor of finance at the Korea University Business School, said he wasn’t talking about what he did wrong.
Jay Y. Lee, Vice President of Samsung Electronics, the crown jewel of the Company, has been charged with bribing a bribe from an associate of former President Park to get a government favour. Lee was detained for a year but was released in 2018 after the court of appeal halved and three years overturned a five-year term by the lower court. In August, this decision was reversed. The manager wore a dark suit and said much of the disputes between him and Samsung arose from succession problems. I declare today that there won’t be any more debate about succession from now on, Lee said. I don’t intend to give my children my job. I’ve been thinking like that for a long time, so I hesitated to say it publicly.
The last press conference was held in 2015 at a Seoul hospital operated by a group organisation when Lee made public apologies for managing the Middle East Respiratory Syndrome in the Samsung Group. President Moon Jae-in replaced Park Geun-Hye, an expelled predecessor in 2017, in pursuing the overhaul of economically dominating family conglomerates, saying that he would not lightly handle tycoons’ beliefs with presidential forgiveness.
Samsung Group has 59 affiliates of technology, banking, shipbuilding, restaurants, parks and fashion companies, among other businesses. The world’s leading handset manufacturer and memory chip seller, Samsung Electronics. Last week, Samsung Electronics recorded a decrease in profit in the current quarter as the market for smartphones and TVs for coronavirus decreased.