“A big question mark hangs over Korea’s top conglomerate, the Samsung Group,” Lee Sun-young reports for The Korea Herald. “With its chairman Lee Kun-hee ill and bedridden for the past two years, succession looms large at the colossal corporate empire, which alone accounts for roughly a fifth of the nation’s economy.”
“The market knows who the successor is — Lee’s only son Jae-yong — but has little clue as to what steps the group will take to pass on control to him,” Lee reports. “It is a widely known secret that the 48-year-old is behind the group’s recent bold restructuring moves that entailed high-profile splits, mergers and asset sales. ‘When it comes to management control, Samsung Group’s succession is already complete,’ Chae Yi-bai, a corporate governance expert turned lawmaker, told The Korea Herald. ‘What still needs to be done is the transfer of equity ownership to Lee Jae-yong.'”
MacDailyNews Take: Hey, how ’bout via a sleazy, illegal slush fund?
“In Korea’s convoluted world of chaebol, many take Samsung’s heir for granted, despite his apparent lack of management experience to be considered fit for running the 350 trillion-won ($308 billion) empire,” Lee reports. “Whatever the future may entail, it will be the endgame of a two-decade long effort at Samsung to pass on the crown to the third-generation leader, experts and observers say. The process began in the late 1990s, when Lee Jae-yong, along with his two younger sisters Lee Boo-jin and Lee Seo-hyun, acquired large stakes in two affiliates Samsung SDS and Samsung Everland through convertible bonds sold to him by the companies at prices well below fair value. As a result of this sale, their father was sentenced to a suspended jail term in August 2009. He was granted a presidential pardon four months later. ”
Read more in the full article here.
MacDailyNews Take: Ah, life in Samsungorea, den of thieves.
SEE ALSO:
Slavish Apple copier Samsung debuts ‘Captured on Galaxy S7’ ad – June 17, 2016
Beleaguered Samsung to debut knockoff of Apple’s phone upgrade program in South Korea – March 9, 2016
Beleaguered Samsung to attempt to knock off Apple iPhone’s Live Photos – January 14, 2016
Beleaguered Samsung to attempt to knock off Apple iPhone’s 3D Touch – December 14, 2015
Slavish Apple copier Samsung announces rose gold Galaxy Note 5 – October 15, 2015
Samsung can’t seem to stop mimicking Apple – May 4, 2015
Slavish copier Samsung in talks to launch Apple Pay knockoff – December 16, 2014
Samsung returns to mimicking Apple’s iPhone with chamfered metal-edged Galaxy Alpha – August 13, 2014
Samsung’s plastic, 32-bit Galaxy S5 has serious fingerprint sensor problems – May 6, 2014
Samsung’s new ad for Galaxy Gear stupidwatch slavishly copies Apple’s original 2007 iPhone ad (with video) – October 7, 2013
Samsung announces plastic Galaxy S4 ‘Gold Edition’ phone – September 25, 2013
Samsung slavishly copies Apple’s iPad mini with Galaxy Tab 3 (with photo) – July 23, 2013
9 ways Samsung has slavishly copied Apple over the years – July 14, 2013
Now Samsung copies Apple product rumors, said to be working on wristwatch device – March 19, 2013
Samsung’s new ‘Wallet’ bears striking resemblance to Apple’s Passbook – February 27, 2013
Korea JoongAng Daily: Samsung must stop slavishly copying Apple – September 3, 2012
South Korea reassesses its great imitator, Samsung – September 2, 2012
Is Samsung copying Apple’s patented earphones? It sure looks like it – September 8, 2012
Samsung mimics Apple product videos in Galaxy S III promo (with video) – August 24, 2012
Now slavish copycat Samsung attempts to knockoff Apple’s retail stores (with video) – August 23, 2012
Samsung: Shameless slavish copiers – August 13, 2012
Now Samsung slavishly copies Apple’s Mac mini – June 1, 2012
Samsung Mobile chief ‘designer’ denies that Samsung’s instinct is to slavishly copy Apple – March 23, 2012
Slavish copier Samsung shamelessly steals Apple’s iPhone 3G design – again – January 3, 2012
Slavish copier Samsung uses girl actress from iPhone 4S ad for Galaxy Tab 8.9 spot (with video) – January 2, 2012
Now Samsung’s slavishly copying Apple’s iPad television ads (with videos) – December 30, 2011
Judge: Can you tell me which is iPad and which is yours? Samsung lawyer: ‘Not at this distance your honor’ – October 14, 2011
Why are Apple’s icons on the wall of Samsung’s store? – September 24, 2011
Apple to Samsung: ‘Blatant copying is wrong’ – April 18, 2011
Apple sues Samsung for attempting to copy look and feel of iPhone, iPad – April 18, 2011
Samsung’s ‘Instinct’ is obviously to make Apple iPhone knockoffs – April 1, 2008
[Thanks to MacDailyNews Reader “M J Miller” for the heads up.]
MDN. You keep grouping Samsung and Korea (even Koreans) together as evil but that’s not fair.
If you think about it, Google and Microsoft, both American companies, have done way more evil. Yet, there’s no bashing USA.
Samsung owns and runs South Korea.
Yes, virtually. A lot of people there complain about Samsung’s power but they all want their kids to work there.
ScamScum is not Apple’s problem; it’s the US DoJ that has let SS steal Apple’s IP at will.
Like I’ve written before, ever seen any soft drink company use a copy of Coca-Cola’s pinched waist bottle? No! Of course not, but ScamScum has been allowed to steal the overall look and feel of the iPhone, in addition to numerous patented features.