A son overlooked and a jailed tycoon: Inside Samsung's succession drama
Summary
Samsung is South Korea’s largest family-owned business, controlled by the Lee family since it started in the 1930s. Lee Jae-yong, the grandson of Samsung’s founder, became acting chairman after his father’s heart attack but faced legal troubles for bribery linked to a merger that secured his control over the company. This scandal also led to the impeachment of South Korea’s president and sparked mass public protests.Key Facts
- Samsung is South Korea’s biggest family-owned conglomerate, called a chaebol.
- Lee Jae-yong is the grandson of Samsung’s founder and the current acting chairman.
- He went to jail in 2017 for bribery related to a merger designed to increase his control over Samsung.
- The merger combined Samsung C&T and Cheil Industries, key parts of the Samsung empire.
- The bribery scandal was connected to Choi Soon-sil, a close aide to former President Park Geun-hye.
- The scandal caused millions to protest and led to the impeachment and removal of President Park.
- Succession in Samsung is complicated because the company has many interlinked parts and owes a large inheritance tax.
- Lee Jae-yong was prepared for decades to run Samsung but still faced questions about his leadership.
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