Samsung Group has announced to dissolve the company’s corporate strategy office after politically related bribery probe ends. The case involving Vice Chairman Lee Jae-yong related to impeachment of South Korean President Park Geun-hye
As soon as the investigation in the alleged bribery case ends, Samsung Group will disband its corporate strategy unit according to report from Reuters. The unit has been the center of attention in the bribery case related to President Park and her close confidant.
Samsung corporate strategy office has been an elite unit in the Samsung Group, comprised of 200 staffs selected by Lee himself to assist him in strategic decision making. It was established in December 2010, to act as control center and dashboard of the Samsung’s $239 billion business empire. The unit itself was not established as a legal entity under Samsung group, but a collection of selected team from Samsung subsidiaries.
The unit has been under public scrutiny in relation with the impeachment case of President Park who is now being impeached. Samsung was accused to pay a generous sum of money to President Park’s confidant Choi Soon-sil to help in straightening merger between two Samsung subsidiaries.
Relationship with Choi has tainted the reputation of Samsung Group and Lee who took over the leadership of Samsung after his father Lee Kun-hee was ill in 2014. Choi was the close friends of President Park who was suspected to control President’s decision, including to influence the decision in merger two subsidiaries in Samsung group.
The case became public attention last month, when Seoul special prosecutor summon the third-generation heir of Samsung Group Lee for questioning. In the recent update, lead investigator Special Prosecutor Park Young-Soo has expanded the investigation to Korea Fair Trade Commission (KFTC) and the Financial Services Commission (FSC) as reported by Korean News Agency Hankyoreh.
Watch the report from Wall Street Journal regarding the probe against Samsung corporate strategy office and Vice Chairman Lee below:
