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Disgraced Samsung heir likely won't give company control to his children
Jay Y. Lee wants to end the controversy regarding succession of managerial rights at Samsung.
Samsung considers steps to keep its ruling family in power
Samsung has always been a family-run company, and it's apparently bent on keeping things that way. As part of sweeping plans to reward investors (more on that in a bit), the South Korean tech giant says that it's considering the creation of a "holding company structure." It's not certain how this would work, but analysts believe that this would give greater control to vice chairman Lee Jae-yong (son of chairman Lee Kun-hee) and his sisters Lee Boo-jin and Lee Seo-hyun, all of whom play crucial roles in the company. They wouldn't have to worry as much about losing influence.
Chairman's son promoted to president of the Samsung Electronics gang
And so it goes. Samsung Electronics' Chairman, aka The Notorious Lee Kun-hee, has just seen his son Lee Jae-yong promoted to the position of president of the chaebol kingdom. Lee previously served as executive VP in the flagship arm of the Samsung Group conglomerate. As if that wasn't enough nepotism, Lee's little sis was promoted to the position of president of Everland, a Samsung-owned theme park / resort operator. Naturally, Samsung stock closed at a record high on the news.
Lee Kun-hee returns as chief of Samsung Electronics
It sure pays to be a white collar criminal in Korea. Especially when you're the son of the founder of Samsung. Lee Kun-hee, the disgraced former chairman of the Samsung Group, is returning to the chaebol as the head of Samsung Electronics -- Samsung's largest division and of primary interest to us gadget nerds. Remember, this is the man convicted of tax evasion only to be pardoned (twice!) by South Korean presidents with all jail time deferred. His latest pardon was issued so that he could help South Korea win a bid to host the 2018 Winter Olympics. In an effort to stave off criticism from a local population that is at once proud of Samsung's global success but concerned with its immense power over all things Korean, Mr. Lee played the fear card in announcing the reason for his return: "[The] best companies in the world are collapsing. We don't know what is going to happen to Samsung too. In the coming 10 years, businesses and products that represent Samsung today will mostly disappear." Never mind that analysts are predicting the most profitable year ever for Samsung Electronics. So what'll it be South Korea: BubiBubi or pitchforks?
Samsung's former Chairman pardoned, again
You know what's awesome about being the head of a South Korean chaebol? You're untouchable. After being convicted of tax evasion netting a $110 million fine and a deferred 3-year prison sentence, Lee Kun-hee, the former chairman of Samsung Group, has been pardoned by the South Korean government -- his second presidential pardon after first being convicted in 1996 of bribing former South Korean president Roh Tae-woo. Why the reprieve? Easy, so the 67 year old can help the country pursue a bid for the 2018 Winter Olympics. A Korean activist group responded to the move saying, "Granting a chaebol chairman a pardon just to host an Olympics will make South Korea a laughingstock in the international community." How true.
Ex-Samsung boss fined $109 million for tax evasion, collar too white for jail
Bringing an end to the Samsung slush fund probe, a South Korean court has fined Lee Kun-hee, Samsung's former Chairman and son of the chaebol's founder, $109 million for tax evasion. A rather favorable decision when you consider that prosecutors sought a seven-year jail sentence and a fine of $347 million. The court said that his crimes did not justify a prison term. Lee, appearing relieved by the decision, apologized again saying, "I'm sorry for causing trouble to the people," presumably while adjusting his monocle and top-hat from atop his golden chariot.
Sony, others pitted in a Japan vs. S.Korea OLED showdown
Several Japanese tech giants are teaming together today in a quest to make 40-inch and larger OLED panels for televisions. Sony, Toshiba, Panasonic, Sharp and others will participate under a joint development project initiated by the Japanese government. All of this is of course meant to help the Japanese companies compete with South Korea's chaebols, particularly Samsung and LG, as the industry giants maneuver for an advantage over the next, next-generation flat panel technology to dominate the living room.[Via OLED-info]