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Samsung Boss Promises To Be Good No Deal For His Kids

Samsung supremo

Samsung supremo Jay Y. Lee, the billionaire scion of Samsung Group has promised to be good, after a dodgy past and a stint in jail.

In an effort to save the reputation of the giant technology Company Lee has promised not to hand down leadership to other people in his family which is the way that he got the top gig at the South Korean Company.

In a frank and honest confession he has issued a personal apology for his company’s role in a scandal over succession that rocked South Korea, his promise not to hand down leadership to his children, signal’s that he will likely be the last of his family to oversee the country’s most powerful conglomerate.

Facing hew charges lawyers at the big technology Company appear to have found a new get out of jail card.

Article 53 of the Korean Criminal Act, stipulates there could be a discretionary mitigation of the punishment “when there are extenuating circumstances.”

In Lee’s case, the damage to Samsung — crucial as it is to Korea’s economy — could be presented as grounds to keep him out of prison especially as Samsung and South Korea are suffering following the outbreak of COVID-19.

Yesterday in what was seen as a soul-searching confession he said “I give my word here today that from now on, there will be no more controversy regarding succession. There will absolutely be no infringement against the law,” Lee said. “There will be no leaning on legal expediency or actions that cause ethical reproach. My sole focus will be on enhancing the corporate value of Samsung.”

He admitted to missteps in the past and pledged he will avoid violations of the law in the future. His promise means that leadership of Korea’s largest conglomerate, which was founded by his grandfather and then led by his father, won’t get passed to a fourth generation.

“We are recognized for our top-class technology and products, but the public view of Samsung is still critical,” the 51-year-old said, dressed in a dark suit, white shirt, and tie. “This is all because of our shortcomings. This has been my fault and I offer my sincere apology.”

Lee came unstuck when he was accused along with Samsung of using horses and financial contributions to win favour, via an intermediary, from then-president of South Korea Park Geun-hye

The scandal led to Park’s impeachment in 2017 and her sentencing to a 25-year prison term.

It also inflamed public anger over the power of the country’s conglomerates such as Samsung and Korean Air.

The legal fight has disrupted Lee’s turn at the helm of Samsung Electronics which is today the world’s leading producer of smartphones TV’s and memory chips.

He became de-facto leader after his father suffered a heart attack in 2014, but he was then imprisoned for about a year until his release in early 2018. Lee returned to court for a retrial last year when the scope of the alleged wrongdoing was revised, and he again faces the possibility of jail unless his get out of jail card is accepted by the South Korean Courts.

Insiders said that the outbreak of COVID-19 could help his case as business leaders and South Korean politicians have admitted that a strong Samsung is needed to drive the Country forward as the impact of COVID-19 is fully revealed.

the billionaire scion of Samsung Group has promised to be good, after a dodgy past and a stint in jail.

In an effort to save the reputation of the giant technology Company Lee has promised not to hand down leadership to other people in his family which is the way that he got the top gig at the South Korean Company.

In a frank and honest confession he has issued a personal apology for his company’s role in a scandal over succession that rocked South Korea, his promise not to hand down leadership to his children, signal’s that he will likely be the last of his family to oversee the country’s most powerful conglomerate.

Facing hew charges lawyers at the big technology Company appear to have found a new get out of jail card.

Article 53 of the Korean Criminal Act, stipulates there could be a discretionary mitigation of the punishment “when there are extenuating circumstances.”

In Lee’s case, the damage to Samsung — crucial as it is to Korea’s economy — could be presented as grounds to keep him out of prison especially as Samsung and South Korea are suffering following the outbreak of COVID-19.

Yesterday in what was seen as a soul-searching confession he said “I give my word here today that from now on, there will be no more controversy regarding succession. There will absolutely be no infringement against the law,” Lee said. “There will be no leaning on legal expediency or actions that cause ethical reproach. My sole focus will be on enhancing the corporate value of Samsung.”

He admitted to missteps in the past and pledged he will avoid violations of the law in the future. His promise means that leadership of Korea’s largest conglomerate, which was founded by his grandfather and then led by his father, won’t get passed to a fourth generation.

“We are recognized for our top-class technology and products, but the public view of Samsung is still critical,” the 51-year-old said, dressed in a dark suit, white shirt, and tie. “This is all because of our shortcomings. This has been my fault and I offer my sincere apology.”

Lee came unstuck when he was accused along with Samsung of using horses and financial contributions to win favour, via an intermediary, from then-president of South Korea Park Geun-hye

The scandal led to Park’s impeachment in 2017 and her sentencing to a 25-year prison term.

It also inflamed public anger over the power of the country’s conglomerates such as Samsung and Korean Air.

The legal fight has disrupted Lee’s turn at the helm of Samsung Electronics which is today the world’s leading producer of smartphones TV’s and memory chips.

He became de-facto leader after his father suffered a heart attack in 2014, but he was then imprisoned for about a year until his release in early 2018. Lee returned to court for a retrial last year when the scope of the alleged wrongdoing was revised, and he again faces the possibility of jail unless his get out of jail card is accepted by the South Korean Courts.

Insiders said that the outbreak of COVID-19 could help his case as business leaders and South Korean politicians have admitted that a strong Samsung is needed to drive the Country forward as the impact of COVID-19 is fully revealed.

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