Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Samsung board chairman to stay in role after indictment for alleged union sabotage

Published 09/27/2018, 11:08 PM
© Reuters. The logo of Samsung Electronics is seen at its office building in Seoul

SEOUL (Reuters) - Samsung Electronics Co Ltd's (KS:005930) said on Friday its chairman of the board, Lee Sang-hoon, will continue in his role despite an indictment for allegedly sabotaging labor union activities.

Seoul prosecutors have accused Lee of involvement in a company-wide operation to dismantle a union at Samsung's after-service unit between 2013 and 2016 when he was chief finance officer.

The indictment of Lee and other company officials on Thursday is another headache for the tech giant whose vice chairman Jay Y. Lee, the heir to the Samsung Group, is appealing a conviction for bribery in a scandal that led to the impeachment of South Korea's former president.

Lee Sang-hoon, who has led the board since March, is not related to the founding family.

"His status remains unchanged," a company spokeswoman said.

Ra Doo-shik, who leads a union representing more than 1,000 workers at Samsung Electronics Service, said on Friday that the indictment was encouraging.

"We are hoping that upcoming court proceedings will reveal the true picture," Ra told Reuters.

Jay Y. Lee, the de facto leader of the South Korea's biggest conglomerate, was released on a suspended sentence in February after spending nearly a year in jail. He initially received a five-year term but a higher court later reduced that by half and suspended the sentence.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.