[THE INVESTOR] Samsung Electronics’ suppliers committee has recently decided to file a petition for releasing Vice Chairman Lee Jae-yong who has been jailed for nine months on alleged bribery charges, according to news reports on Dec. 5.
The committee, consisting of some 166 parts suppliers, on Nov. 28 decided to file the petition and has started collecting signatures from members.
“Following the de facto leader’s imprisonment, all investment decisions have been put on hold. During the time, Samsung will lose its growth momentum, while its rivals will dominate key future technologies,” according to some excerpts from the petition draft.
Lee Jae-yong (center)
The committee said they plan to submit the petition to a Seoul court within the month.
The committee marks its 33rd anniversary this year. Semiconductor parts suppliers make up the largest group of 53 members, while those for smartphones, display and home appliances account for 36, 32 and 26 members, respectively.
In August, the 49-year-old Samsung heir was sentenced to five years in jail for his alleged role in Samsung’s provision of a combined 30 billion won (US$27.60 million) to former President Park Geun-hye and her close aide Choi Soon-sil in return for favors before a leadership transfer at the nation’s largest conglomerate. But he has flatly denied the allegations, and filed an appeal.
The court plans to finish the appellate trial within the year. Lee was jailed in February.
By Lee Ji-yoon (email@example.com)