Samsung beneficiary Lee won’t seek board term extension: report – Reuters

SEOUL (Reuters) – Samsung Group successor Jay Y. Lee will not seek an extension to his term as director of the board of Samsung Electronics, the Korea Economic Daily newspaper reported on Friday.

SUBMIT IMAGE: Samsung Electronics Vice Chairman Jay Y. Lee speaks at the business’s head office in Seoul, South Korea, June 23, 2015. REUTERS/Kim Hong-Ji/File Photo

A South Korean court this month is set to examine Lee’s suspended prison sentence for bribery connected to previous President Park Geun-hye.

“He obviously believes it is proper for him to leave the director post, considering scenarios including his trial,” the newspaper priced quote an unknown high-level Samsung authorities as saying.

Lee, 51, will stay vice chairman of Samsung Electronics, the biggest service in South Korea’s largest chaebol, or family-run conglomerate, the paper stated, citing unnamed sources.

South Korea’s Supreme Court in August ruled that the bribery case against Lee must be reviewed by a lower court, raising the possibility of a tougher sentence and potential return to prison.

Former South Korean President Park Geun-hye is presently serving a jail term for bribery that included impact peddling by her pal Choi Soon-sil, who is also serving time, in a scandal that linked a number of company leaders.

Lee, the only son of Samsung Group Chairman Lee Kun-hee, was chosen to the board at Samsung Electronic devices in 2016.

In February 2017 he was detained and spent a year in custody prior to his five-year sentence was cut by half and suspended and he was launched.

His term as board director is set to end this month unless the business assembles conferences of the board and investors to extend his contract.

Samsung Electronic devices did not respond to an ask for immediate remark.

Reporting by Ju-min Park; modifying by Jason Neely

This content was originally published here.

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