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  • South Korea's powerful Lee family is fighting to maintain control of Samsung Group following the loss of charismatic patriarch and group chairman Leak.

  • And he let's look at his legacy on the path ahead for the titan of Tech.

  • This Children, The Realities Leave was the richest person in South Korea.

  • He helped grow the conglomerate his father built from a noodle trading business into a global powerhouse with assets worth $375 billion.

  • Samsung Group's affiliate stretch from electron ICS and insurance to shipbuilding and construction, Reuters calculated the group's 2019 revenue was worth around 17% of the entire country's GDP.

  • While praised for his leadership, Lee was no saint, was convicted of bribery and tax evasion.

  • He and his empire were vilified for wielding huge clout, opaque governance and dubious transfers of the family wealth he leaves behind potentially thorny succession issues for the third generation.

  • Sprawling family run conglomerates are at the heart of South Korea's transformation into one of the world's biggest exporters.

  • They're known as JABAL, meaning wealth click in Korean alongside Samsung.

  • They also include the likes of LG and High and I.

  • Lee's net worth was $20.9 billion according to Forbes.

  • It's unclear how his three Children and wife will split his wealth, an issue that led to family feuds at other Gables.

  • His son, Jay y Lee, is air apparent on the de facto leader but has been embroiled in legal troubles of his own.

  • He served jail time for his role in a bribery scandal, which triggered the impeachment of then President Park Guen.

  • Hey.

  • Whether the Lee family can keep their grip on Samsung Group remains in question as they grapple with a Siris of obstacles.

  • These are some of the issues they face.

  • Firstly, there's Samsung Electron ICS the jewell in the conglomerates crown the families combined.

  • Direct stake ownership is only 5.8% on that of Jay y Lee, just 0.7%.

  • The families.

  • Outsized control is made possible through shareholdings in other group affiliates.

  • They'll try to inherit the late chairman steak, but they're facing a hefty inheritance tax bill.

  • If the family inherits least stocks, the total is estimated to top over $9 billion.

  • That's raised expectations for steak sales on a potential restructuring of the sprawling business empire.

  • Then there's legal hurdles posed by proposed legislation affiliate Samsung Life could be forced to sell about $20 billion in shares in Samsung Electron ICS that would cripple the Lee family's grip on the chip maker.

  • The passage of the law remains uncertain.

  • It could be unpopular with retail investors ahead of a presidential election in early 2022.

South Korea's powerful Lee family is fighting to maintain control of Samsung Group following the loss of charismatic patriarch and group chairman Leak.

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B2 samsung group family electron south korea wealth

The battle for the Samsung Group

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    林宜悉 posted on 2020/10/28
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