SEOUL (Reuters) – Samsung Group heir-Jay Y. Lee will not seek an extension of his term of office as a director on the board of Samsung Electronics, the Korea Economic Daily newspaper on Friday.
A FILE PHOTO of Samsung Electronics ‘ Vice Chairman Jay Y. Lee is with the head office in Seoul, south korea, south africa, South Korea, June 23, 2015. REUTERS/Kim Hong-Ji/Photo File
A South Korean court this month, has been set up to review Lee’s suspended jail sentence for bribery, linked to the former President, Park Geun-hye.
“He apparently thinks that it is appropriate for him to leave the executive director post on the basis of the circumstances of the trial,” the newspaper quoted an unidentified, high-level Samsung official as saying.
Lee, 51, will remain as vice-chairman of Samsung Electronics, the largest business in South Korea’s largest chaebol, or family-run conglomerate, the newspaper said, citing on 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 harsher sentence, and the possibility of a return to prison.
The former South Korean President, Park Geun-hye, is currently serving a prison sentence for bribery, which involved influence peddling by her boyfriend, Choi Soon-sil, which is also the period of time, in a scandal that involved the business leaders.
Lee, the only son of Samsung Group Chairman Lee Kun-hee, was elected to the board of directors of Samsung Electronics (uk) in 2016.
In February of 2017, he was arrested and spent a year in pre-trial detention for a five-year prison sentence was cut in half and suspended and he was released.
His term of office as a director will expire this month unless the company shall convene the meeting of the board of directors and of the shareholders to renew the contract.
Samsung Electronics did not respond to a request for an immediate response.
Reporting by Ju-min Park; editing by Jason Neely