South Korean regulators turned up the heat on Samsung over its complex ownership structure Reuters reported Thursday, May 10. The country’s antitrust chief said the arrangement for control at the nation’s top conglomerate was “not sustainable”.
Critics have said the structure has enabled the family of Samsung heir Jay Y. Lee to retain control of the companies in the conglomerate, especially crown jewel Samsung Electronics, with minimum investments.
“The clear fact is, the current ownership and control structure of Samsung Group, which goes from Vice Chairman Jay Y. Lee to Samsung C&T to Samsung Life Insurance to Samsung Electronics, is not sustainable,” Kim Sang-jo, chairman of the Korea Fair Trade Commission, told reporters on the sidelines of a meeting with business leaders.
Kim said on Thursday he is urging Jay Y. Lee to make a decision concerning the ownership structure, adding that Samsung Electronics Vice Chairman Yoon Boo-keun, who attended the meeting, had told him it will be considered.
Full Content: Reuters
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