Samsung Heir to Give Up Board Seat Before Bribery Probe: Report

  • Lee Jae-yong, as per other reports, was in India recently
  • The 51 year old has already spent about a year in the prison over a nationwide scandal in South Korea

Lee Jae-yong, Samsung Electronics leader, is planning to give up his board seat at the end of October 2019. A report published in the Straits Times said that he is preparing for another trial over alleged bribery case.

The report read, “The billionaire heir won’t seek to extend his three-year term on the board of the tech behemoth when it ends on Oct 26, but will remain at the helm of the world’s largest chip and smartphone maker, the person said, asking not to be named because of the sensitivity of the issue.”

Will keep the title of vice-chairman

Lee will continue to serve Samsung as its vice chairman. The board, as per Straitst Times source, will be central to Samsung’s overall management.

Caught in an nationwide scandal (South Korea), the 51 year old has already spent about a year in the prison. Lee was released in 2018. He has every now and then focused on saying that Samsung needs to stress on investing in future technologies. It is to be noted here that Samsung’s operating income had fell more than 50 per cent in the September quarter this year.

Lee in India?

Recent reports by several media houses claimed that Lee Jae-yong was visiting India recently. He, as per these reports, was in India to probably discuss about expanding Samsung’s presence in the country.

The 2018 report read, “He joined President Moon Jae-in on visits to India and Pyongyang, and expanded his network via meetings with financier Mohammed bin Salman and Indian tycoon Mukesh Ambani.”

Lee Jae-yong might soon make investment announcements in India. It is also to be noted here that Samsung has stopped making smartphones in China. The company, as a matter of fact, has one of its biggest facilities in India.