“Talk about convenient timing. Samsung’s de facto leader, Lee Jae-yong, has been released from jail, just in time to watch the Winter Olympics in Pyeongchang,” Jacky Wong reports for The Wall Street Journal. “His father, Lee Kun-hee—still Samsung’s chairman, despite a long hospitalization — had lobbied for South Korea to host the event, after he himself was pardoned after tax-evasion conviction back in 2009.”
“A charming family tale — but not one investors should read with any pleasure,” Wong reports. “Korean stocks deservedly trade at a discount to those in other markets, with the MSCI Korea Index trading at nine times forward earnings, versus 14 times for the broader MSCI Asia Pacific Index.”
“Mr. Lee walked free on Monday after appealing the five-year prison term handed to him in August when he was convicted on bribery and embezzlement charges: He received a reduced and suspended sentence instead. The next stage could see the case go to South Korea’s Supreme Court,” Wong reports. “President Moon Jae-in was elected last year on a promise to cut ties between government and business that have in the past allowed corruption to run rampant. The younger Mr. Lee’s trial and conviction last year seemed a hopeful sign of progress. Instead, the same cycle of apparent toughness quickly followed by leniency is being repeated.”
Read more in the full article here.
MacDailyNews Take: They don’t call it the Republic of Samsung for nothin’.
South Korea is thoroughly corrupt. The country is literally owned by Samsung.
I don’t know which is worse: Samsung’s slavish copying or that there are tens of millions of dullards and/or morally-crippled consumers who would buy such obvious knockoffs. What kind of person rewards thieves, especially such obvious ones? What kind of person hands over their money to make sure that crime pays? What’s wrong with you people, exactly?
It makes me sad that there are outfits like Samsung Electronics on the planet, as I was with Microsoft before them. People who work for Samsung Electronics should be ashamed. It makes me even sadder to see people supporting blatant criminals, whether it be blindly or, worse, knowingly. To those people I say: Get some morals, will you, or how about at least acquiring a modicum of taste?
What you’re doing is supporting criminal activity. It’s like you’re buying knockoff Coach handbags, but you’re paying pretty much the Coach price! Not too smart, eh? Oh, sure, you might have “saved” a bit upfront on your fake iPhone (maybe you got one of those Buy One Get One or More Free deals), but you’re paying the same data rates – after a couple years, you’ve pretty much paid the same anyway! So, in the end, you’re saving little or nothing while:
a) depriving the company who basically inspired your inferior, fragmented product;
b) depriving yourself of the real deal and the real experience, and;
c) rewarding the criminal, encouraging them to steal even more.Not a lot of sense being made in any aspect of your toting around that Android phone, is there? Oh, right it’s “open.” Smirk. And, yes, every one of us with the real thing knows that you’re carrying around a half-assed fake, you tasteless wonder.
Didn’t you people have parents? If so, what did they teach you, if anything? Sheesh. — SteveJack, MacDailyNews, August 6, 2012
SEE ALSO:
Samsung chief sentenced to five years for offering bribes and other crimes – August 25, 2017
Leaked texts reveal Samsung’s manipulation of South Korean media – August 24, 2017
Prosecutors seek 12 years in jail for Samsung heir – August 7, 2017
Samsung’s acting head Lee Jae-yong indicted on bribery charges as scandal grows – February 28, 2017
South Korean court approves arrest of Samsung heir Lee Jae-yong – February 16, 2017
South Korean prosecution again seeks arrest of Samsung chief – February 14, 2017
Samsung heir Lee Jae-yong escapes arrest in massive bribery scandal – January 20, 2017
South Korea attempting to handicap Apple by demanding the removal of preinstalled apps like the App Store – July 7, 2016
Korea Fair Trade Commission clears Samsung’s use of standard-essential patents against Apple – February 27, 2014
South Korea, the Republic of Samsung – December 10, 2012
Welcome to South Korea, the ‘Republic of Forgery’ – September 11, 2012
Samsung’s ‘Instinct’ is obviously to make Apple iPhone knockoffs – April 1, 2008
So I truly don’t understand how things work in Asia. Why do the children of these corporate leaders automatically put in charge? Don’t share holders have a say? Or do the families own so many shares that they keep control?
Started from the family, Asian family is strong units binding together as one. The kids are very loyal and obey to their father who has the total authority will pass down the company to off-springs. They only trust family members, blood is thicker than water.
That’s just the surface, rumor has it that after the Olympics they are going to invite a torture loving country over to have war exercises. Talk about corrupt and morally void.
Relations with the DPRK will be tense for years to come.
I agree, some don’t like having a level playing field and DPRK is near the point where they can defend themselves on a level playing field. The threat doesn’t like that.