The way Korea’s chaebol families blatantly use affiliate spinoffs to secure inherited control over conglomerates is rarely seen in other advanced economies
The way Korea’s chaebol families blatantly use affiliate spinoffs to secure inherited control over conglomerates is rarely seen in other advanced economies
Samsung Group Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won are set to travel to the Netherlands this week to strengthen business ties with ASML, the sole provider of equipment critical in producing advanced chips. The heads of South Korea's top two conglomerates are accompanying President Yoon Suk Yeol on his state visit to the Netherlands from Monday to Thursday. There, they will visit ASML's h.
Samsung Electronics Executive Chairman Lee Jae-yong met with a group of top executives from Japanese electronic parts vendors for their annual meeting in Seoul, which had been suspended due to the COVID-19 pandemic, according to industry sources, Sunday. The annual meeting between Samsung and its Japanese electronic parts makers is known as “Lee Kun-hee and his Japanese Friends,” or LJF for short. The mee.
What Lee’s imprisonment means for Samsung: Two crises at once
A 30-month prison sentence for Samsung Group Chairman Lee Jae-yong forced the South Korean conglomerate into another crisis. And as if that wasn’t bad enough, the timing of this ordeal means its consequences could be amplified by another crisis which the company has been navigating since early 2020.
That would be the COVID-19 thingy; you probably heard something about it by now.
Crisis management in crisis
Following yesterday’s court ruling, Samsung’s top brass promptly declared another state of emergency. Lee already spent a year in prison for bribery of state officials and embezzlement, but a successful appeal saw his five-year sentence cut in half and suspended for four years, resulting in his immediate release in early 2018.