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Samsung heir Lee holds executive-level meetings amid uncertainties

June 15, 2020

Samsung Electronics Vice Chairman Lee Jae-yong held a series of meetings with top executives in the company’s semiconductor and mobile businesses to check their future plans amid uncertainties over the coronavirus pandemic, the South Korean tech firm said Monday.

Lee avoided arrest last week for his alleged involvement in a controversial merger between two Samsung Group units in 2015.

This file photo taken on June 8, 2020, shows Samsung Electronics Vice Chairman Lee Jae-yong leaving a Seoul court after attending his arrest warrant hearing. (Yonhap)

Prosecutors suspect that Lee and the group’s top management were involved in a calibrated scheme to intentionally lower the value of Samsung C&T prior to its merger with Cheil Industries so as to facilitate Lee’s managerial succession from his ailing father, Lee Kun-hee.

Although Lee avoided arrest, Samsung is still operating in emergency mode as the heir apparent still could face indictment.

Lee’s side is currently waiting for a panel of outside experts to review the validity of the prosecutor investigation and the possible indictment. The outside panel’s opinion is expected to come out later this month, although its decision is not legally-binding.