Lee Jae-yong (businessman)

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Lee Jae-yong
Lee Jae-yong in 2016.jpg
Lee attending a conference, 2016
Born 이재용
(1968-06-23) 23 June 1968 (age 49)
Washington, D.C, United States[1]
Alma mater Seoul National University
Keio University
Harvard Business School
Occupation Vice Chairman of Samsung
Net worth Increase $7.9 billion USD (April 2015)[2]
Spouse(s) Im Se-ryung 홍라희 (in Korean)
(m. 1997–2009)[3]
Children Lee Ji-ho
(이지호, son)
Lee Won-ju
(이원주, daughter)[4]
Parent(s) Lee Kun-hee
Hong Ra-hee
Korean name
Hangul
Hanja
Revised Romanization I Jaeyong
McCune–Reischauer Yi Chaeyong

Lee Jae-yong (이재용; born 23 June 1968), known professionally in the West as Jay Y. Lee,[5] is a South Korean business magnate and the vice chairman of Samsung Group, serving as de facto head. He is the eldest child and only son of Lee Kun-hee, Chairman of Samsung, and is widely considered to be his father's future successor.[6] He is referred to as the "Crown Prince of Samsung" by the South Korean media, and speaks Korean, English and Japanese.[7] Lee is estimated to be worth US$7.9 billion, making him the third wealthiest person in South Korea.[8]

In 2014, Lee was named the world's 35th most powerful person and the most powerful Korean by Forbes Magazine's List of The World's Most Powerful People along with his father.[9]

In January 2017, Lee was accused "of bribery, embezzlement and perjury" by the South Korean prosecutor's office.[10] Although the arrest warrant was denied by a Seoul court in mid-January, after a month of investigation, he was arrested on the night of 16 February 2017. On 25 August 2017 Lee was sentenced to 5 years in prison after being found guilty of corruption.

Early life and education

Jae-yong was born in Washington, D.C. He received his B.A. in East Asian history from Seoul National University,[11] and his M.B.A. from Keio University. He attended Harvard Business School for about five years in pursuit of a Doctor of Business Administration degree, but did not graduate.[12]

Career at Samsung

Jae-yong started working for Samsung in 1991. He began serving as Vice President of Strategic Planning and then as "Chief Customer Officer", a management position created exclusively for Lee. His prospects for future company leadership dimmed when his father Kun-hee stepped down as Chairman due to tax evasion.[13] In December 2009, however, his succession prospects revived when Lee became the Chief Operating Officer of Samsung Electronics. Since December 2012, he has been Vice Chairman of Samsung. He is one of the main shareholders of Samsung's financial services subsidiary, owning 11 percent of Samsung SDS.[7]

Corruption scandal

The arrest of Jay Y. Lee was largely prompted by the investigation of the Choi Soon-sil scandal, that could be traced back to the shift of the father-to-son ownership of Samsung in 2014. His involvement in bribery with the then-South Korean President was first brought to the table by an arrest warrant issued by the South Korea prosecutor's office in January, which led to his arrest in mid-February.[citation needed] On January 12, 2017, the special prosecutor's office said it would decide "soon" whether to seek an arrest warrant for Lee. He was questioned for more than 22 hours for suspicion of illegal activities including bribery in a scandal that consumed president Park Geun-hye.[14]

On January 16 2017, when the prosecutor's office finally decided to seek an arrest warrant for Lee,[15][16] the warrant was denied based on a court ruling from 19 January, with the Central District Court Justice Cho Eui-yeon stating that it was "difficult to recognize the need" for his incarceration.[17][18] On 17 February 2017, Lee was "formally arrested after the Seoul central district court issued a warrant on the night" of 16 February for "handing bribes worth almost £30m to then South Korean president Park Geun-hye and her close friend Choi Soon-sil to win government favours for a smooth leadership transition."[19]

Subsequent to his arrest, Samsung admitted to making contributions to two non-profit foundations allegedly controlled by Choi and her Germany-based firm, but denied such contributions were related to the 2015 merger.[20] A spokesman for Samsung said: “We will do our best to ensure that the truth is revealed in future court proceedings.”[19] On February 28, 2017, the Wall Street Journal reported that "South Korean prosecutors said they would indict the Samsung conglomerate’s de facto leader Lee Jae-yong on charges of bribery and four other offenses."[21] It was reported on August 7, 2017, that prosecutors demanded a twelve-year sentence for Lee.[22] On August 25th, Lee Jae-yong was sentenced to 5 years in jail.[23] He will now be in prison pending a trial in the appellate court.[24]

Management style

He is known for his cold determination and polite, quiet demeanor. Lee is known to take time to reply personally to e-mails, and assumes a light-hearted attitude with reporters.[11]

Personal life

Lee is rarely seen in public and avoids publicity. He has two younger sisters, Lee Boo-jin, Lee Seo-hyun, and was the older brother of the late Lee Yoon-hyung.[25]

He has one son and one daughter with his ex-wife Lim Se-ryung, whom he divorced in 2009.[26][11] Lee enjoys golf and horseback riding.[11]

References

  1. ^ "Woojin Park", SundayJournal (birthplace), retrieved December 2014  Check date values in: |access-date= (help)
  2. ^ "Jay Y. Lee", Forbes (profile), retrieved February 2015  Check date values in: |access-date= (help)
  3. ^ "임세령 이재용 부부, 이혼소송 중…사실상 별거상태", Star Seoul (News), 13 February 2009 
  4. ^ "둘째딸 낳은 삼성전자 이재용 상무 부인 임세령", DongA (News), retrieved July 2016  Check date values in: |access-date= (help)
  5. ^ "South Korea Court Rejects Arrest of Samsung Heir Jay Y. Lee". Bloomberg.com. 2017-01-18. Retrieved 2017-08-07. 
  6. ^ "Samsung heir Lee Jae-yong arrested in South Korea". BBC News. 2017-02-17. Retrieved 2017-08-07. 
  7. ^ a b "All Eyes Are On Samsung's 'Crown Prince'". 
  8. ^ "Jay Y. Lee". Forbes. Retrieved 2017-08-07. 
  9. ^ "The World's Most Powerful People". 
  10. ^ "Lee Jae-yong dodges arrest on charges of bribery". The Economist. Retrieved 2017-02-17. 
  11. ^ a b c d "Jay Lee, Samsung's unassuming heir apparent". 5 December 2016 – via Reuters. 
  12. ^ Lee, Jungah; Clenfield, Jason (26 August 2014). "Samsung Low-Profile Heir Poised to Succeed Father Seen as a God". Bloomberg.com. 
  13. ^ "Technology - Bloomberg". 
  14. ^ "South Korea prosecutor to decide 'soon' whether to seek arrest warrant for Samsung's Lee". Reuters. 13 January 2017. Retrieved 13 January 2017. 
  15. ^ "South Korea prosecutor seeks arrest of Samsung chief for bribery". Reuters. 16 January 2017. Retrieved 16 January 2017. 
  16. ^ Pham, Sherisse (16 January 2017). "South Korean prosecutors seek to arrest Samsung heir". CNNMoney. Retrieved 16 January 2017. 
  17. ^ SANG-HUN, CHOE. "In a Blow to Prosecutor, South Korean Court Blocks Arrest of Samsung Leader". The New York Times. Retrieved 19 January 2017. 
  18. ^ "South Korean court dismisses arrest warrant for Samsung chief". Reuters. 19 January 2017. Retrieved 19 January 2017. 
  19. ^ a b "Samsung heir Lee Jae-yong arrested amid bribery allegations". The Telegraph. Retrieved 2017-02-17. 
  20. ^ "What Samsung's saying - All you wanted to know about the arrest of Samsung heir Lee Jae-yong - The Economic Times". The Economic Times. Retrieved 2017-02-20. 
  21. ^ Martin, Timothy W. (February 28, 2017). "Samsung Heir Lee Jae-yong to Be Indicted on Bribery Charges". The Wall Street Journal. New York City. Retrieved February 27, 2017. 
  22. ^ McCurry, Justin (2017-08-07). "South Korea prosecutors demand 12-year sentence for Samsung boss". The Guardian. ISSN 0261-3077. Retrieved 2017-08-07. 
  23. ^ "Prosecutors seek 12-year sentence for Samsung's Lee Jae-yong". BBC News. 2017-08-07. Retrieved 2017-08-07. 
  24. ^ "Samsung heir sentenced to five years in jail". ZDNet.com. 25 August 2017. Retrieved 26 August 2017. 
  25. ^ 李在镕、李富真、李叙显今日将齐聚新上任高管晚宴 Retrieved 2016-08-12
  26. ^ "Jay Y. Lee". 

External links

  • Forbes profile
  • BusinessWeek profile
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