{"id":21947,"date":"2022-10-30T16:08:20","date_gmt":"2022-10-30T16:08:20","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job"},"modified":"2022-10-30T16:20:32","modified_gmt":"2022-10-30T16:20:32","slug":"lee-jae-yong-samsung-appoints-convicted-heir-to-top-job","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job","title":{"rendered":"Lee Jae-yong: Samsung appoints convicted heir to top job"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>South Korean electronics giant Samsung has named convicted heir and de facto boss Lee Jae-yong as its executive chairman. The symbolic move means the world\u2019s biggest smartphone maker will now be officially run by the third generation of its founding family.<\/p>\n

Mr Lee, who was convicted of bribery and embezzlement in 2017, was granted a special presidential pardon in August. He was imprisoned twice for bribing a former president.<\/p>\n

\u201cThe Board cited the current uncertain global business environment and the pressing need for stronger accountability and business stability in approving the recommendation,\u201d the company said in a statement.<\/p>\n

The announcement formalises the role Mr Lee \u2013 who is also known as Jay Y Lee \u2013 has held since 2014. He took over after his father, the late Samsung Group chairman Lee Kun-hee, was hospitalised.<\/p>\n

He died in 2020. The 54-year-old has been vice chairman of Samsung Electronics, the crown jewel of South Korea\u2019s biggest business conglomerate, since 2012.<\/p>\n

In August last year, Mr Lee was released from a South Korean prison on parole after serving 207 days in jail. It was just over half the sentence he received after being convicted in January.<\/p>\n

In a statement, then-President Moon Jae-in\u2019s office said his release was made in the national interest and asked for understanding. \u201cWe are well aware that there are supporting and opposing views on Vice-Chairman Jay Y Lee\u2019s parole.<\/p>\n

The views of the people who are opposed are also right,\u201d it said. At the time, the country\u2019s Justice Ministry said it made the decision to release Mr Lee after considering the effects of the pandemic on South Korea\u2019s economy and global markets.<\/p>\n

A year later, he was pardoned by new President Yoon Suk-yeol. Mr Lee was found guilty of bribery, embezzlement and concealment of criminal proceeds worth about 8.6 billion won ($6m; \u00a35.2m).<\/p>\n

The case involved the country\u2019s former President Park Guen-hye, who was also jailed for bribery and corruption. Samsung Electronics was founded by Mr Lee\u2019s grandfather and he has been the de facto head of the company since 2014.<\/p>\n

Global headwinds Today\u2019s announcement came as Samsung Electronics faces mounting problems as demand for its products fall due to soaring inflation, rising interest rates and the gloomy economic outlook.<\/p>\n

On Thursday, the world\u2019s top maker of memory chips and smartphones reported a 31% drop in its third-quarter profit. It also warned that uncertainties around the world are likely to dampen demand until early next year, as the global economic downturn hits the market for electronic devices.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. South Korean electronics giant Samsung has named convicted heir and de facto boss Lee Jae-yong as its executive chairman. The symbolic move means the world\u2019s biggest smartphone maker will now be officially run by the third generation of its founding family. Mr Lee, who was convicted of bribery and embezzlement in 2017, […]<\/p>\n","protected":false},"author":84,"featured_media":21946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,2283,241],"class_list":["post-21947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-lee-jae-yong","tag-mauritius"],"yoast_head":"\nLee Jae-yong: Samsung appoints convicted heir to top job - Mauritius<\/title>\n<meta name=\"description\" content=\"South Korean electronics giant Samsung has named convicted heir and de facto boss Lee Jae-yong as its executive chairman ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lee Jae-yong: Samsung appoints convicted heir to top job\" \/>\n<meta property=\"og:description\" content=\"South Korean electronics giant Samsung has named convicted heir and de facto boss Lee Jae-yong as its executive chairman ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-30T16:08:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-30T16:20:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/10\/postQueueImg_11-635ea437e88d6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Lee Jae-yong: Samsung appoints convicted heir to top job\",\"datePublished\":\"2022-10-30T16:08:20+00:00\",\"dateModified\":\"2022-10-30T16:20:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job\"},\"wordCount\":439,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/10\/postQueueImg_11-635ea437e88d6.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Lee Jae-yong\",\"Mauritius\"],\"articleSection\":[\"all news\",\"miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/lee-jae-yong-samsung-appoints-convicted-heir-to-top-job\",\"name\":\"Lee Jae-yong: Samsung appoints convicted heir to top job - 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