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Samsung Boss Will Not Give Inheritance To The Children

 

Samsung Vice President, the billionaire and son of former chairman Lee Kun Hee, announced yesterday that he has no plans to pass on his role to his children. The statement was made during a press conference in Seoul, South Korea.

Lee, who is also known as Jay Y. Lee,  told reporters.

 "This is something I have been thinking for a long time but always hesitate to express. It is not only due to the difficult business but I also feel irresponsible when talking about later issues. I myself have not do the right thing." 
Samsung is South Korea's largest conglomerate, estimated to account for about 15% of the country's entire economy. Samsung Electronics is the largest division of the group that specializes in the world's leading smartphone manufacturing and is an important supplier of memory chips and displays.

Jay Y. Lee was jailed in 2017 after a "century trial". Here, he also apologized for the shortcomings of his leadership towards the corporation. He was convicted of a bribe related to Samsung inheritance and the collapse of former South Korean President Park Geun-hye.

On May 6, Lee admitted that Samsung sometimes failed to meet society's expectations. He also addressed some of the controversy the company has been facing in recent years, including disputes over the establishment of labor unions and his own crimes.

"This is my fault. I would like to apologize sincerely." Lee said.

After Jay Y. Lee was released from prison in 2018, Lee's citizenship was tightened in Korea for months. It was the result of a major retail scandal that brought down the former President Park's government.

Last August, the Supreme Court of South Korea ordered a retrial for Lee, ruling the case and raising concerns that relationships in the technology industry could be returned to prison. 

Last week, Samsung reported increased sales and profits in the first quarter of 2020. However, this also warned that in the coming months it is highly likely that the COVID-19 epidemic will disrupt the global supply chain, reducing smartphone consumer demand and complicate the adoption of 5G technology.

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