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The Korea Herald
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THE INVESTOR
March 29, 2024

Samsung

[PRESIDENTIAL SCANDAL] Scandal slows Samsung’s plans

  • PUBLISHED :November 29, 2016 - 13:33
  • UPDATED :November 29, 2016 - 13:33
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[THE INVESTOR] The unfolding presidential scandal is playing havoc with the corporate plans of major South Korean businesses.

Some of the country’s biggest conglomerates, including Samsung Group, and their chiefs have been implicated in the far-reaching corruption scandal, and have been picked as witnesses in the parliamentary hearing. 




According to industry sources, Samsung Group has decided to push back the annual executive reshuffle due to the parliamentary hearing, where Samsung Electronics deputy chief Lee Jae-yong is set to testify.

It has been alleged that Samsung Group supported Choi Soon-sil’s activities, and received support from state organizations in the Samsung C&T-Cheil Industries merger.

In addition, the probe has delayed the group’s investment plans. Samsung Electronics had planned to invest 27 trillion won (US$23.10 billion) this year. However, partly due to the investigation, 12.3 trillion won of the planned investment is yet to be approved.

By Choi He-suk (cheesuk@heraldcorp.com)

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