In late August, Lee Jae-yong, the heir apparent of Samsung, South Korea’s largest conglomerate, was sentenced to five years in prison. Last February Lee was charged on five counts: bribery, illegally transferring assets overseas, embezzlement, concealing criminal proceeds, and perjury, which are seemingly unrelated to one another but all point to one event: the succession of control over Samsung.
Samsung, Lee Jae-yong’s Conviction, and How Business in South Korea Is Changing
Family dynasties are no longer untouchable.
September 29, 2017
Summary.
In late August, Lee Jae-yong, the heir apparent of Samsung, was sentenced to five years in prison. It was once unthinkable that the head of South Korea’s largest conglomerate could be sent to prison; Lee’s father, Lee Kun-hee, was twice pardoned by the government. But public sentiment, which used to hold that what is good for Samsung is good for the country, is changing, as people begin to think that the company may prioritize its own interests over their own. In addition, the new president has said he will put an end to executive pardons. The big question now is what will happen to Samsung. Can the company continue to thrive without its leader? And how will the relationship between Samsung and South Korea evolve going forward?
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Learn how to overcome barriers when working globally.