Samsung Successor Asks for Apology Over Corruption Scandal

The heir of Samsung Group Jay Y. Lee apologizes over the controversial bribery scandal that broke headlines. The technology company’s successor gave a rare apology over the succession plans.

According to Lee, he will not handover the management of the smartphone manufacturing company to his children.

This is Lee’s first public statement regarding the controversy in five years, following the Supreme Court’s ruling last year in August. The Korean Supreme Court overturned the appeals in the court ruling on the bribery case of the Samsung heir.

The decision of the court also raised the potential of a harder sentence for the South Korean company official. It also raised the possibility of a return to jail for the chief of the technology company.

The 51-year-old Lee told the media during a press conference that he failed to meet society’s “expectations”. The company heir added that they disappointed the public and raised concerns because of their failure to adhere to the law and ethical standards.

Technology news reports also say that Lee apologized for the actions of other executives involved in the controversies. Reports show that the company’s officials are guilty of sabotaging labor union activities in the past.

Lee then vowed to uphold labor rights in the company during the media conference.

In the past, Samsung executives faced investigation and even conviction for various charges. One being Lee Sang-hoon, board chairman of Samsung Electronics Co Ltc, who was sentenced for sabotaging union activities.

Since Sang-hoon resigned from the company and has reportedly lodged an appeal when jailed in December.

Advised to Apologize

The successor’s rare remarks come following the oversight panel in March. In January, Samsung established a compliance committee after the judge in Lee’s case criticized the company for its ineffective compliance system.

Despite being one of the major players in the smartphone industry and in modern technology, Samsung continues to get bombarded with issues.

Last week, the company flagged a profit drop in the current quarter due to the devastating impact of the virus. The demand for smartphones and televisions have slumped because of the pandemic.

However, the company assured that its chip business is still solid as it still stands as one of the biggest chip manufacturers.

Samsung Group has about 59 affiliates that tackle the technology, hotel, fashion, insurance, theme park industries, and more. Samsung is also a family-run conglomerate that has previously vowed to reform its system.