THE heir to the Samsung empire bowed in apology yesterday for company misconduct including a controversial plan for him to ascend to the leadership of the world’s largest smartphone maker. Lee Jae-yong is vice chairman of Samsung Electronics and was jailed for five years in 2017 for bribery, embezzlement and other offences in connection with the scandal that brought down South Korean President Park Geun-hye. The 51-year-old was released a year later on appeal but is currently undergoing a retrial. “Our technology and products are being hailed as first class but the public gaze towards Samsung still remains harsh,” Lee said. “This is my fault. I apologize.” Lee bowed three times before flashing cameras at a Samsung Electronics office in Seoul, where reporters sat apart under coronavirus distancing rules. He will not allow his children to succeed him at the firm, he said in steady tones. Yesterday’s apology came at the request of Samsung’s compliance committee, which oversees the firm’s transparency in its corporate dealings. Lee has effectively been at the helm of the sprawling Samsung group since his father and group chairman Lee Kun-hee was left bedridden by a heart attack in 2014. The court case centered on millions of dollars the Samsung group paid Park’s secret confidante Choi Soon-sil, allegedly for government favors including ensuring a smooth transition for Lee to succeed his ailing father. (SD-Agencies) |