Samsung VP, Jay Lee Will Not Hand Over Company To Children

The Vice Chairman of Samsung Electronics, Jay Y. Lee, has said that he would not transfer the management right of his father’s conglomerate to his children, after months of scandals involving him and some of his family members.

“I give my word here today that from now on, there will be no more controversy regarding succession; I do not plan to pass down my role to my children.

“This is something I have thought about for a long time but have been hesitant to express it openly,” Lee said on Wednesday, at a press conference in Seoul, South Korea.

Reuters reports that Jay Y. Lee, vice chairman of Samsung Electronics, the group’s crown jewel, was charged with bribing a friend of former President Park to win government favour over a deal widely seen as key to succession planning at the conglomerate.

Lee, who is one of the leading multi billionaires in South Korea, admitted that over the years he had tried to take the short cut to get whatever he wanted.

“We even disappointed people and caused concern because we did not strictly uphold the law and ethical standards,” he said.

Samsung is a South Korean multinational conglomerate headquartered in Samsung Town, Seoul, with a 2018 revenue of about 208 billion U.S dollars and a staff strength of over 300,000 globally.