SEOUL: The household of late Samsung Electronics chairman Lee Kun-hee held a funeral ceremony on Wednesday for the patriarch, whose dying on Sunday threw into query the management of the chipmaker and the nation’s largest conglomerate.
The main focus is now on Lee’s son Jay Y. Lee, the 52-year-old vice chairman, to see what sort of management he’ll show as he faces critical authorized dangers from two trials seen stemming from efforts to make sure he succeeded his father.
After a morning ceremony closed to the media, members of the family, together with Jay Y. Lee, boarded a bus, which left the Samsung Medical Middle, the place the funeral providers had been held, Yonhap Information TV channel confirmed.
The late Lee’s casket, with a white wreath atop, was transported in a black hearse from the hospital to a household burial floor in Suwon, Yonhap information company reported.
The route taken handed by websites that held which means for Lee, together with his dwelling in central Seoul and Samsung Electronics’ chip-production amenities in Hwaseong close to the capital.
Lee’s dying raised expectations for stake gross sales and a possible restructuring of the sprawling enterprise empire, because the household grapples with an anticipated inheritance tax invoice of almost 10 trillion gained ($9 billion).
The duties awaiting Samsung Electronics’ new head will embody rising the non-memory chip enterprise and increasing its presence in software program.
However inheritor obvious Jay Y. Lee faces a much bigger threat from two ongoing trials, which analysts say may land him in jail for a second time.
One trial considerations the 2015 merger of two Samsung associates that helped Lee assume higher management of Samsung Electronics, and one other pertains to his position in a bribery scandal, for which he had been jailed for a 12 months.
“Inheritance and company governance are points as nicely, however the trials, particularly the latter case, are the most important drawback. His father’s passing might flip public opinion in his favour, however the impact it may need is unclear,” stated Park Ju-gun, head of analysis agency CEO Rating.
(Enhancing by Gerry Doyle & Simon Cameron-Moore)
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