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Case Details |
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Case Code: FBM006
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| Case Length: 15 Pages |
| Period: 2012-2018 |
| Pub Date: 2018 |
| Teaching Note: Available |
| Price:Rs.400 |
| Organization : Samsung |
Industry : Electronics
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| Countries : South Korea |
| Themes: Family Business Management |
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Succession Crisis at Samsung |
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INTRODUCTION |
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| Samsung Electronics Co., Ltd (Samsung) Vice Chairman Lee Jae Yong (Lee) walked out of jail on February 5, 2018, barely a year after he was sentenced to a five-year term on corruption charges. Giving him a suspended sentence of two and half years, the appeals court in Seoul upheld the charges of bribery against Lee while rejecting the special counsel’s accusation that they were related to his succession. Lee who had been in jail since February 2017, was accused of bribing deposed South Korean president Park Geun-hye (Park) and one of her friends, Choi Soon-sil (Choi), to facilitate a merger between two publicly traded Samsung companies – a combination that prosecutors contended was intended to strengthen Lee’s control over the Samsung Empire. Leaving the Seoul Detention Center, Lee said, “Again, I feel sorry to everyone for not showing my best side. And it has been a really precious time for a year reflecting on myself.” ..
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