Jay Y. Lee, the Samsung Group's billionaire scion, offered personal apologies for his company's involvement in a succession crisis that shocked South Korea and vowed not to turn over leadership to its children, an unprecedented public indication of contrition from the most influential conglomerate in the world.
Speaking at a company headquarters briefing, Lee confessed previous errors and vowed to stop potential breaches of the law. His pledge indicates that leadership of Korea's largest conglomerate, established by his grandfather, will not be passed on to a fourth generation automatically.
"We are known for our cutting-edge technology and goods, but Samsung's public opinion is still important," said the 51-year-old, dressed in a dark suit, white shirt and tie. "It is all due to our mistakes. That was my fault and I give my heartfelt apologies."
For years, Lee has been entangled in claims that he used horses and financial donations to gain favor from then-President Park Geun-hye via an intermediary to help with his succession as Samsung's leader. The controversy has led to Park's impeachment in 2017 and sentenced her to 25 years in jail.
It also inflamed public outrage about the influence of conglomerates in the country, triggering a reformer's election as her successor. Apology from the executive may help burn the reputation of Samsung, which improved after a series of efforts were made by the electronics giant to support Korea in its fight against Covid-19.
The legal battle has ended Lee's time at the helm of Samsung Electronics Co., the world's largest smartphone and memory chip maker. After his father suffered a heart attack in 2014, he became de-facto leader but was eventually jailed for around a year before his release early 2018. Last year Lee returned to court for a retrial when the nature of the suspected crime was changed,
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