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Samsung Heir Lee Apologises For Succession Scandal, Won't Pass Company Control To Children

Jay Y. Lee, the vice-chairman of the Samsung group has issued a public apology for his company's role in the 2017 succession scandal that shook South Korea.

Samsung Billionaire apologises for succession scandal, promises not to misuse power

Jay Y. Lee, the vice-chairman of the Samsung group has issued a public apology for his company's role in the 2017 scandal that shook South Korea and has also promised not to handle down the company to his offsprings. Speaking at a briefing in Samsung headquarters in Seoul, Lee admitted his wrong conduct in the past and pledged not to misuse his powers in the future. According to reports, in his speech, he also apologised for his company’s stance against labour unions, solving a long drawn controversy. 

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"We are recognized for our top-class technology and products, but the public view of Samsung is still critical. This is all because of our shortcomings. This has been my fault and I offer my sincere apology."

2017 scandal

In February 2017, Lee was accused of bribery and other crimes and was arrested and charged over his role in a political and economic scandal related to then-president Park Geun-Hye. The business tycoon was accused of bribery, embezzlement, perjury and hiding assets abroad. In addition to that, it was accused of monetarily favouring two Non- Profit organisations operated by Park’s friend in return of political favours. In addition to that, it was alleged that the favour included the backing of the powerful Samsung merger by the govt-led national pension fund, that led Lee to become head of the conglomerate. 

Read: South Korea To Shut Clubs, Bars For A Month After New Wave Of COVID-19 Infections

Legal Battle 

The scandal and the legal fight thereafter has disrupted Lee's tenure as head of Samsung which he became after his father suffered a heart attack in 2014. Last year, Lee had returned to court for a retrial wherein his allegation was were revised. According to Korean media reports, the appeals court which released Lee in 2018 is expected to release its final sentence in upcoming months. 

Read: Samsung Expects Profit Decline As Pandemic Hits Sales

Read: 4C Error In Samsung Washing Machine: How To Fix 4C Or 4E Error Code?

Image credits: Twitter/ A51FR3D
 

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