It was reported on Friday that the heir of Samsung Group, Jay Y. Lee shall not be seeking an extension for his term as the Samsung Electronics’ director of the board.
This month, a South Korean court shall be reviewing the suspended jail sentence of Lee regarding bribery linked to their former President Ms. Park Geun-hye.
An anonymous high-level Samsung official said that apparently, he thought it would be better if he left the post of the directorate considering his circumstances and the ongoing trial.
However, Lee shall remain the vice-chairman of the company, Samsung Electronics that is the most successful business in the largest chaebol of South Korea.
In August, the Supreme Court of South Korea said that the case should be dealt with a lower court, increasing the possibility of a rather tough sentence as well as a potential return to jail.
At present, the former President of South Korea, Park Geun-Hye is also serving a jail term because of bribery that had involved her friend, Choi Soon-Sil’s influence-peddling. Her friend too is serving jail time because of a scandal that concerns many business leaders.
Lee, the only son of Lee Kun-hee, the Chairman of Samsung Group was elected in the year 2016 to be part of the board.
Lee was arrested in February of 2017 and sentenced to five-year prison time. He had to spend a year in jail before his sentence was reduced by half and he got suspended and was released.
His term as the director of the board will expire next month unless the shareholders and the board decided to extend his contract.
Samsung Electronics has not responded to the request for immediate comment.