April 17, 2024

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[THE INVESTOR] The weekly meeting of the top brass of Samsung Group affiliates was called off on Jan. 18, with a Seoul court set to decide on an arrest warrant plea for Vice Chairman Lee Jae-yong.

The court is scheduled to review a request from the prosecution to arrest the Samsung heir.

The CEOs and top executives of Samsung’s affiliates were said to have been notified of the cancellation late afternoon on Jan. 17.

First organized by Lee’s grandfather, Samsung founder Lee Byung-chul, the weekly meeting has been held every Wednesday to discuss the important corporate issues and business strategies while outside experts give lectures on various subjects.

The arrest of the de facto leader, if approved by the court, will lead to a leadership vacuum at the conglomerate once again after Samsung Chairman Lee Kun-hee had a heart attack in 2014.

The group has been preparing the power succession from the ailing chairman to junior Lee for the past couple of years, merging similar business units while acquiring new businesses.

By Kim Young-won (wone0102@heraldcorp.com)