April 20, 2024

• 

[THE INVESTOR] Samsung Electronics Vice Chairman Lee Jae-yong will be absent from the upcoming Consumer Electronics Show, the largest trade show in the tech industry that kicks off next month in Las Vegas, following a travel ban imposed amid the ongoing corruption probe.

The Samsung heir has rarely missed the annual event where Samsung showcases its latest innovations as one of the biggest exhibitors.

The travel ban comes as an independent counsel team is launching a 70-day investigation into the snowballing influence-peddling scandal involving President Park Geun-hye and her close friend Choi Soo-sil.

Together with Lee, SK Group Chairman Chey Tae-won and Lotte Group Chairman Shin Dong-bin have also been banned from leaving the country.

The nation’s seven largest companies are suspected of offering a combined 77.4 billion won (US$66 million) donation to two dubious foundations controlled by Choi possibly in return for business favors even though they are firmly denying the allegations.

Samsung donated the largest 20.4 billion won.

Lee is also likely to miss other key overseas events in the coming months.

He attended the board meeting of Exor, the holding unit of Fiat Chrysler Automobiles, in February. He has been an external board member since 2012.

China’s Boao Forum, known as the Asian version of Switzerland’s Davos Forum, in March is one of the key events he attended to share his views with global business leaders as well as China’s high-profile political figures.

By Lee Ji-yoon (jylee@heraldcorp.com)