Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, yesterday apologized over controversial succession plans and said he would not hand over management rights to his children at the family-controlled conglomerate.
In his first news conference in five years, Lee, 51, expressed regret for the group’s failure to strictly abide by the law and ethics.
The vice chairman of Samsung Electronics Co has been embroiled in a bribery scandal involving South Korea’s impeached president and which prosecutors said was aimed at smoothing business succession.
Photo: AP
“Samsung failed to live up to public expectations. We have caused disappointments and concerns,” Lee said at a Samsung office in Seoul.
He also apologized for the behavior of executives caught sabotaging labor union activities.
The South Korean Supreme Court in August last year overturned an appeals court ruling on the bribery case, raising the possibility of a tougher sentence and potential return to jail for the head of the nation’s biggest conglomerate.
Some of Samsung Group’s former and current executives have been investigated or convicted in other cases. For example, then-board chairman of Samsung Electronics Lee Sang-hoon was jailed in December last year for sabotaging union activities. He has since resigned and lodged an appeal.
Jay Y. Lee said he would not handover management powers to his children.
“I’m thinking of not passing on management rights to my children. I have been keeping that thought to myself, as I was reluctant to make it public,” he said.
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