SEOUL (Reuters) – Samsung Group heir Jay Y. Lee’s vow to end dynastic succession at South Korea’s biggest conglomerate following three generations of Lee family control sparked skepticism on Thursday.
FILE PHOTO: Samsung Electronics Vice Chairman, Jay Y. Lee, speaks during a news conference at a company’s office building in Seoul, South Korea, May 6, 2020. REUTERS/Kim Hong-Ji/Pool
Lee on Wednesday made the surprise announcement that he would not pass on the company founded by his grandfather in 1938 to his children. He also apologised for a bribery scandal involving former president Park Geun-hye and Samsung Group, as well as for the group’s union-busting activities. [L4N2CO13R]
A Samsung watchdog panel, headed by a former supreme court judge, on Thursday called for concrete plans to prevent wrongdoings, while describing Lee’s announcement as “meaningful.”
But governance experts said it was less of an apology than a legal defence as Lee, 51, awaits a court ruling on the…
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