- Title: Samsung heir Lee apologises over succession, labour controversy
- Date: 6th May 2020
- Summary: SEOUL, SOUTH KOREA (MAY 6, 2020) (AGENCY POOL) ***WARNING: CONTAINS FLASH PHOTOGRAPHY*** SAMSUNG GROUP HEIR JAY Y. LEE BOWING AND WALKING TOWARD PODIUM LEE SPEAKING AT NEWS CONFERENCE (SOUNDBITE) (Korean) SAMSUNG GROUP HEIR, JAY Y. LEE, SAYING: "We failed to live up to public expectations. We even have caused disappointments and concerns, because we did not strictly uphold the law and ethical standards. There was also a lack of communication and empathy with society." JOURNALISTS IN FACE MASKS WORKING ON LAPTOPS (SOUNDBITE) (Korean) SAMSUNG GROUP HEIR, JAY Y. LEE, SAYING: "We are recognised for our top-class technology and products but the public is still critical of Samsung. This is all because of our shortcomings. This has been my fault and I offer my sincere apology." LEE BOWING (SOUNDBITE) (Korean) SAMSUNG GROUP HEIR, JAY Y. LEE, SAYING: "I'm thinking of not passing on management rights to my children. I have been keeping that thought to myself, as I was reluctant to make it public." JOURNALISTS IN FACE MASKS WORKING ON LAPTOPS LEE BOWING AND WALKING AWAY
- Embargoed: 20th May 2020 09:03
- Keywords: Jay Y. Lee Samsung Samsung Electronics apology file succession
- Location: SEOUL, INCHEON, SOUTH KOREA/ SAN FRANCISCO, CALIFORNIA, BROOKLYN, NEW YORK, UNITED STATES
- City: SEOUL, INCHEON, SOUTH KOREA/ SAN FRANCISCO, CALIFORNIA, BROOKLYN, NEW YORK, UNITED STATES
- Country: South Korea
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA001CCSJVWL
- Aspect Ratio: 16:9
- Story Text: Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday (May 6) made a rare apology over controversial succession plans and said he is thinking about not handing over management rights to his children at the family-controlled conglomerate.
His first public statement in five years came after the Supreme Court in August overturned an appeals court ruling on the bribery case, raising the possibility of a tougher sentence and potential return to jail for the chief of South Korea's biggest conglomerate.
"We failed to live up to public expectations. We even have caused disappointments and concerns, because we did not strictly uphold the law and ethical standards. There was also a lack of communication and empathy with society," the 51-year-old Lee told a news conference at the company's Seoul office.
He also apologised for the behaviour of executives caught sabotaging labour union activities, and vowed to guarantee labour rights at the tech giant.
Some of Samsung Group's former and current executives have been investigated or convicted in other cases. For example, then-board chairman of Samsung Electronics Co, Lee Sang-hoon, was jailed in December for sabotaging union activities. He has since resigned and lodged an appeal.
Lee's remarks come after Samsung Group's oversight panel in March advised him to apologise over the handling of succession, labour and others issues, and pledge to prevent any repeat of governance violations.
Jay Y. Lee, vice chairman of Samsung Electronics, the group's crown jewel, was charged with bribing a friend of former President Park Geun-hye to win government favour over a deal widely seen as key to succession planning at the conglomerate.
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