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Disgraced Samsung boss walks free from prison
The heir to South Korea's largest company has avoided a lengthy spell in prison after a court suspended his sentence. Samsung vice chairman Jay Y. Lee was initially meant to spend five years behind bars after being found guilty of bribing public officials. Now, after spending close to a year in detention he has been released although he will spend the next four years on probation.
Samsung's South Korean leader has been arrested for bribery
That took a little longer than expected. Samsung's vice chairman Lee Jae-yong (better known as Jay Y. Lee) has been arrested over charges of bribery, according to Bloomberg. In early January a court had yet to approve the warrant.
Samsung boss won't face arrest, at least for now
Samsung just dodged a bullet... for a while, anyway. A South Korean court has dismissed a warrant to arrest the company's Vice Chairman and de facto leader, Lee Jae-yong, in an investigation alleging that Samsung paid the President's scandal-ridden confidant to illegally secure approval for a merger. There's just not enough evidence to suggest that an arrest is needed, according to the judge. While this doesn't guarantee that Lee is completely off the hook, he won't have to worry about jail time in the foreseeable future.
Samsung leader faces arrest in South Korea
Samsung's past several months have been pretty lousy, but they're about to get much, much worse. South Korean prosecutors have announced that they're seeking a warrant to arrest Samsung Vice Chairman Lee Jae-yong (aka Jay Y. Lee), the electronics giant's effective leader, over accusations of bribery and other misdeeds. Investigators allege that Lee was involved in payments made to Choi Soon-sil, an ally of the country's impeached President with cultish control, in a supposed bid to clinch approval for a merger.
Samsung boss is a suspect in a South Korean political scandal
South Korea is currently embroiled in a massive corruption scandal: President Park Geun-hye is facing impeachment after word broke that her 'friend,' Choi Soon-sil, had cult-like control over Park that included access to sensitive info and forced donations to Choi's foundations. And now, it looks like Samsung's highest leadership might be caught up in the whole affair. The country's special prosecutor's office has named effective Samsung leader Vice Chairman Lee Jae-yong (aka Jay Y. Lee) as a suspect in a case alleging that Samsung illegally influenced government decisions. Investigators are worried that roughly $25 million in payments to a Choi business and foundations may have convinced the national pension fund to support a merger of two Samsung affiliate companies. It may have offered bribes, in other words.
Samsung wants to swap its rigid culture for a startup ethos
Samsung, the largest mobile and memory chip company in the world, says it plans to change its autocratic ways and act more like a start-up. In a statement, it says "we aim to reform our internal culture, execute as quickly as a startup company and push towards open communication and continuously innovate," according to Reuters. To show it's not kidding, the company held a special "Startup Samsung" ceremony at its South Korean headquarters and had staff pledge to reduce their hierarchical ways, endless meetings and insane work hours. Executives also signed an agreement to remake the corporate culture.
Samsung courts nepotism again, appoints chief's son Jay Y. Lee to vice chairman
Though Samsung is ostensibly a public company, it has been run more like a fiefdom in terms of leadership, having been founded in 1938 by Lee Byung-chull who passed the reins on to current chairman Lee Kun-hee 25 years ago last week. Now, his 44-year-old son, Jay Y. Lee, has been appointed vice chairman, paving the way for another likely family succession to the top of the $195 billion Korean electronics giant. The scion is already the chief operating officer and president of Samsung and the new role will "build on his existing responsibilities and (let him) take a broader role in managing Samsung Electronics' business," according to the company. That may fly in the face of the Korea's political climate right now, according to Reuters, where the country's chaebol's are under pressure to reform amid an ever-widening wealth gap. Though Lee is reported to be lacking in the kind of business star-power that his father exudes, nowadays the job might require more of a keen legal mind than anything else.
