Samsung heir apologizes for inheritance plans
Samsung heir apologizes for inheritance plans

An heir to the Samsung group involved in the corruption scandal, Lee Jae-young, apologized for the controversial inheritance plan on Wednesday and said he would not hand over the management of the family group's children.

At the first press conference in five years, the 51-year-old told me that he regretted the organization's disregard for laws and ethics and said: "The organization sometimes does not respond to social expectations, disappointments and fears are not caused by the fact that we are legal and fail to adhere to ethical standards."

Samsung Electronics' Vice Chairman is suspected of bribing the scandal, and South Korean President Park Geun-hye is suspected of being isolated from the world. Prosecutors said the scandal should pave the way for the success of his ailing father.

He also apologized to me for the actions of the leaders who had undermined union activities and promised to guarantee workers' rights. In August, the Supreme Court overturned the court's decision on the corruption case, increased the possibility of stiffer penalties, and may have sent the leader of South Korea's largest group to prison.

Some current and current CEOs of the Samsung group have been investigated or convicted of other cases. For example, Li Xiangxun, who became president of Samsung Electronics, was sentenced to prison in December for sabotaging union activities. Then it backed down and resumed.

(Li Zhairong) said he will not hand over his administrative powers to his children or they will allow him to resume work at the company. He said: "I have no intention of giving my children management authority and I have kept this idea for a long time because I do not want to express it publicly."

The CEO added that many disputes about him and Samsung stem from the inheritance issue, and said: "From now on, the inheritance dispute will not be present."

He apologized to me at the request of the Samsung Compliance Committee, which oversees Samsung's transparency in its business dealings. Because of his father's retirement and Li Kunxi, Li is actually the head of the Samsung group. In 2014, it was lined with a heart attack.

It should be noted that the Samsung group has 59 subsidiaries operating in the areas of technology, insurance, shipbuilding, hotels, parks and fashion. Samsung Electronics is the world's leading manufacturer of smartphones and memory cards.

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