The heir to the Samsung Group, Jay Y. Lee will not seek an extension to his term as director of the board of Samsung Electronics, Reuters reports.
This decision comes in the wake of the highest court in South Korea ordering a revision of Mr. Lee’s original suspended sentence for bribery linked to former President Park Geun-hye.
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Geun-hye is currently serving a jail term for bribery that involved influence peddling by her friend Choi Soon-sil, who is also serving time. The scandal implicated several business leaders, but the implication of Lee has proved the most controversial.
Samsung is South Korea’s largest ‘chaebol’ (family-run conglomerate). Lee wil remain Vice-Chairman of Samsung Electronics, the largest business within the organisation.
The only son of the debiliateted Samsung Group Chairman Lee Kun-hee, Lee was elected to the board of Samsung Electronics in 2016.
An unidentified high-level Samsung official was observed: