Samsung heir offers rare excuses, doesn’t give up control of the business to children

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Samsung group’s apparent heir, Jay Y. Lee, has apologized for his role in a succession plot that resulted in a corruption conviction, and for leaders caught in the act of sabotage attempts to organize work. in the business. Lee, the only son of the incapacitated president Lee Kun-hee and grandson of the founder Lee Byung-chull, also promised that he would not leave the control of the Korean dynasty to his children.

Until today, two things were thought to be true about the Samsung royal family: they don’t apologize unless things explode, and control of the business is a birthright of Lees. The break in tradition could be a historic moment for chaebol, which started out as a small grocery store in the 1930s, before becoming a major international force responsible for nearly 20% of South Korea’s GDP.

“We have sometimes failed to meet society’s expectations. We have even disappointed people and raised concerns because we do not strictly adhere to the law and ethical standards, “said Lee in an apology, according to Reuters. “I will not pass the management rights on to my children. I’ve been thinking about it for a long time, but I was hesitant to make it public, “he added, according to The Korean Herald.

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