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SEOUL, South Korea (AP) — A South Korean court on Monday acquitted Samsung Electronics Chairman Lee Jae-yong of financial crimes involving a contentious merger between Samsung affiliates in 2015 that tightened his grip over South Korea’s biggest company. The court said the prosecution failed to sufficiently prove the merger between Samsung C&T and Cheil Industries was unlawfully conducted with an aim to strengthen Lee’s control over Samsung Electronics. Lee had denied wrongdoing in the current case, describing the 2015 merger as “normal business activity.”Lee, 56, did not answer questions from reporters as left the court. Lee Jae-yong served 18 months in prison after being convicted in 2017 over separate bribery charges related to the 2015 deal. Some shareholders had opposed the 2015 merger, saying that it unfairly benefited the Lee family while hurting minority shareholders.

Persons: Lee Jae, Lee, ” Lee, Jin Kim, Lee Kun, Park, Yoon Suk, tycoons, Kim Tong, hyung Organizations: Samsung, Korea’s, Seoul Central, Cheil Industries, Samsung Electronics, Prosecutors, South, National Pension Service Locations: SEOUL, South Korea, Seoul, Ukraine

☆ Late Samsung chairman's family sell $2 billion worth of shares to help pay huge South Korean inheritance tax
▼ + stars: | 2024-01-13 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

The former Samsung Electronics chairman, who was South Korea's richest person, died in 2020. Lee Kun-hee's family is now selling billions worth of shares to pay inheritance taxes. South Korea has a top inheritance tax rate of 50%, the world's second highest after Japan. AdvertisementThe widow of the former Samsung Electronics chairman and her two daughters sold billions worth of shares to help pay off their inheritance tax, The Korea Times reported, citing industry sources. But due to South Korea's top inheritance tax rate of 50% — the second highest in the world — the family was hit with more than 12 trillion won, which is now around $9 billion, in tax bills.

Persons: Lee Kun, — Organizations: Samsung Electronics, Japan, Service, Korea Times, Business Locations: Korea

☆ How Samsung became the world’s No. 2 advanced chipmaker and set the stage for a U.S. manufacturing boom
▼ + stars: | 2023-06-09 | by ( Katie Tarasov | ) www.cnbc.com time to read: +5 min

In this article NVDAQCOM6758.T-JPAMATAMD2330-TW.FKRX300MUAAPL Follow your favorite stocks CREATE FREE ACCOUNTSamsung's $17 billion new chip fab is under construction in Taylor, Texas, on April 19, 2023. CNBC recently went inside Samsung's Austin chip fab, for the first in-depth tour given on camera to a U.S. journalist. Samsung got its start in 1938 as the Samsung Sanghoe Trading Company, founded by Lee Byung-chull in Korea. Just a decade after making its first memory chip, Samsung was coming to market with a version that had 1,000 times the capacity. As consumers rein in their spending in the face of rising inflation, demand for memory chips has weakened sharply.

Persons: Katie Brigham, Jon Taylor, Patel, Jinman Han, Han, Lee Byung, Lee Kun, Geoffrey Cain, weren't, Apple, Cain, Jay Y, Lee, Yoon Suk, Joe Biden, Jonathan Ernst Organizations: AMD, Samsung, Taiwan Semiconductor Manufacturing Company, Intel, they'll, CNBC, Austin, Samsung Sanghoe Trading Company, Samsung Samsung, Samsung Electronics, Samsung TV, Hankook Semiconductor, Apple, Republic of Samsung, Samsung Electronics Pyeongtaek, Reuters Locations: Taylor , Texas, TSMC, U.S, Korea, New Jersey, Silicon Valley, South Korea, Republic of, Austin , Texas, Texas, Austin, Pyeongtaek

☆ Jay Y. Lee Formally Becomes Samsung’s Leader
▼ + stars: | 2022-10-27 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Jay Y. Lee had been serving as the de facto head of Samsung. SEOUL— Samsung Electronics Co. has officially appointed Lee Jae-yong as executive chairman, an elevation in title that formalizes the all-encompassing role he has played for years at South Korea’s largest business conglomerate. The 54-year-old Mr. Lee—who goes by Jay Y. Lee in the West—had previously held the title of Samsung Electronics vice chairman. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago and had been incapacitated after a 2014 heart attack.

☆ Samsung’s De Facto Leader, Jay Y. Lee, Formally Takes the Top Job
▼ + stars: | 2022-10-27 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Jay Y. Lee had been serving as the de facto head of Samsung. SEOUL— Samsung Electronics Co. officially appointed Lee Jae-yong as its executive chairman, formalizing the all-encompassing leadership role he has long played at South Korea’s largest business conglomerate. The 54-year-old Mr. Lee—who goes by Jay Y. Lee in the West—had previously held the title of Samsung Electronics vice chairman. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago after being incapacitated by a 2014 heart attack.

☆ Samsung Elec names Jay Y. Lee executive chairman
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: 1 min

SEOUL, Oct 27 (Reuters) - Samsung Electronics' (005930.KS) de facto leader Jay Y. Lee has been named executive chairman of the company, it said on Thursday, a symbolic move heralding that South Korea's most valuable company will be officially run by the third generation of its founding family. The change reflects a role Lee has held since his father, the late patriarch and Samsung Group chairman Lee Kun-hee, was hospitalised in 2014 and died in 2020, analysts said. Lee, 54, has been vice chairman of Samsung Electronics, the crown jewel of South Korea's biggest business conglomerate, since 2012. Reporting by Joyce Lee; Editing by Christian Schmollinger and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Samsung Electronics names Jay Y. Lee executive chairman
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: +1 min

Samsung Electronics' de facto leader Lee Jae-yong during U.S. President Joe Biden's visit on May 20, 2022 in Pyeongtaek, South Korea. Samsung Electronics ' de facto leader Jay Y. Lee was named executive chairman on Thursday, a symbolic move confirming that South Korea's most valuable company will be officially run by the third generation of its founding family. The change reflects a role Lee, 54, has held since his father, the late patriarch and Samsung Group chairman Lee Kun-hee, was hospitalized in 2014, analysts said. Lee has been vice chairman of Samsung Electronics, the crown jewel of South Korea's biggest business conglomerate, since 2012. "The Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation," Samsung said in a statement.

☆ Samsung boss Jay Y. Lee to build on late father's legacy
▼ + stars: | 2022-10-27 | by ( Joyce Lee | ) www.reuters.com time to read: +5 min

Lee, 54, has been vice chairman of Samsung Electronics, the crown jewel of South Korea's biggest business conglomerate, since 2012. That is a major business risk for Samsung, which counts both China and the United States as major markets. But Samsung insiders say his quiet, urbane manner disguises a steely determination Lee will need if he is to grow Samsung. As an only son, Lee was groomed by his father to take over the core business of Samsung Group, which his grandfather founded in 1938. Shares in construction affiliate Samsung C&T (028260.KS), in which Lee owns a 18% stake, rose as much as 7.1%.

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