Samsung Group inheritor Jay Y. Lee, embroiled in a bribery scandal, Wednesday apologized over controversial succession plans and said he wouldn’t hand over management rights to his children at the family-controlled tech group.
The 51-year-old Lee expressed regret for the group’s failure to firmly abide by the law and ethics, in his first news conference in five years.
The vice-chairman of Samsung Electronics has been dragged in a bribery scandal involving South Korea’s impeached prez and which prosecutors stated was geared toward smoothing business succession.
He also apologized for the behavior of executives caught sabotaging labor union activities.
The Supreme Court in August overturned an appeals court ruling on the bribery case, raising the potential of a more durable sentence and a potential return to jail for the chief of South Korea’s biggest conglomerate.
A few of Samsung Group’s former and current executives have been investigated or convicted in other instances. For instance, then-board chairman of Samsung Electronics, Lee Sang-hoon, was jailed in December for wrecking union activities. He has since resigned and lodged an appeal.
Lee stated he wouldn’t handover management powers to his children.
“I’m considering not passing on management rights to my youngsters. I’ve been keeping that thought to myself, as I was not in favor of making it public.”