SEOUL – Jay Y. Lee, the billionaire inheritor to South Korea’s Samsung Group, ought to discover some consolation that its crown jewel Samsung Electronics Co Ltd has reported report revenue each quarter since he was jailed in February, making him even richer.
Detained over costs that he bribed former president Park Geun-hye, Lee has since missed the launch of two new flagship telephones and three document-breaking quarterly earnings, together with July-September earnings steerage on Friday.
He may also be briefed that his prime lieutenant and chief government of Samsung Electronics, Kwon Oh-hyun, has determined to step right down to make approach for a brand new chief.
Kwon, who was anticipated to take a much bigger position following Lee’s arrest and the departures of different key executives within the wake of the bribery scandal, made the shock announcement on Friday when Samsung additionally forecast report quarterly revenue on the again of the reminiscence chip enterprise.
Whereas Lee is unable to do a lot to minimise a management vacuum at one of many world’s largest know-how companies, the forty nine-yr-previous Samsung scion will get some solace that Samsung is chugging alongside with out him.
He may wish to know his wealth, when it comes to his stake in Samsung Electronics, has elevated by no less than forty five % since his arrest.
His Samsung Electronics stake, albeit under one %, is now value 2.three trillion gained ($2.03 billion). Lee additionally acquired at the least $10.5 million in dividends from Samsung Electronics throughout his detention, and 837 million gained ($741,000) in pay through the first half of 2017. He owns stakes in different Samsung associates.
He’ll miss one other document earnings announcement anticipated within the fourth quarter as he’s anticipated to remain in jail at the very least till February, when the appellate courtroom listening to his case is more likely to attempt to rule on the bribery go well with.
Whereas some buyers fear a few extended management vacuum, and Kwon warned that Samsung was struggling to seek out new progress engines, others appear extra sanguine.
“I feel Samsung has a agency system to run the corporate even within the absence of its head, as we noticed from the case of each Lee Kun-hee and (his son) Jay Y. Lee,” stated a fund supervisor who owns Samsung shares, referring to the Samsung Group patriarch who was incapacitated in 2014 following a coronary heart assault.
“Somebody will exchange him someway. It’s identical to Apple doing fantastic even after Steve Jobs,” he stated, declining to be named as he was not authorised to speak to the media.