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The Korea Herald
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THE INVESTOR
March 29, 2024

The Boardroom

Samsung heir back in office to discuss future steps

  • PUBLISHED :January 19, 2017 - 16:16
  • UPDATED :January 19, 2017 - 22:13
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[THE INVESTOR]  Samsung Electronics Vice Chairman Lee Jae-yong went back to his office early in the morning on Jan. 19 right after a Seoul court rejected a special counsel team’s request to arrest him.

Back in his office, he discussed with the top brass of the conglomerate on preparations for the ongoing probe against him, as well as important management issues, according to sources. 




“The vice chairman had a meeting with members of the Future Strategy Office for an hour,” a Samsung official said. The office is the de facto control tower of Korea’s largest conglomerate.

Although Samsung seems to have got past the worst, the conglomerate is still on high alert as the special counsel team will continue the probe against Lee without detention, making a leadership vacuum inevitable at Samsung.

The prosecutors can possibly attempt once again to put him behind bars.

“Samsung’s affiliates will be led by their respective chief executives as usual,” a Samsung official said.

“Some critical merger and acquisition deals or investment plans, which require the Samsung Group owner’s decision, will likely face some setbacks.”

Samsung has been restructuring its complex holding structure, combing its affiliates, while trying to take over companies in a bid to find new growth engines.

The merger between tech giant Samsung Electronics and firm Harman faces a suit by some stakeholders of the US audio system firm, who claimed its stocks were undervalued in the deal.

On Jan. 19, a Seoul court decided not to arrest Lee after an hours-long reviewing session of the counsel’s request for an arrest warrant, citing lack of evidence.

The court also said it is still unclear if Samsung had handed money to President Park Geun-hye’s crony Choi Soon-sil in exchange for any favors.

Samsung’s de facto leader is accused of having pledged to provide a total of 43 billion won (US$36.6million) to Choi and her dubious businesses in exchange for political and business favors.

Of the pledged funds, Samsung gave 20.4 billion won to the Mir and K-Sports foundations run by Choi, 8 billion won to Core Sports, one of Choi’s paper companies, and 1.6 billion won to a youth sports club run by Choi’s niece Jang Si-ho.

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

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