Epic deal, order your S24/S24+ or Galaxy S24 Ultra! Aramid Fibre goodness - Get 15% discount on Thinborne cases!

SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission.

Notifications
    News for you

    Samsung has had to delay key business decisions due to corruption investigation

    Business
    By 

    Last updated: February 8th, 2017 at 10:03 UTC+01:00

    Samsung Group has been ensnared in South Korea's corruption and influence-peddling scandal. The conglomerate allegedly paid bribes of more than $35 million to win the government's backing for a controversial merger that enabled the founding Lee family to cement its grasp on the conglomerate. Samsung heir apparent Lee Jae-yong has been questioned at length and narrowly dodged arrest but as he's not out of the woods just yet and the investigation is likely to be extended, Samsung Group has had to delay some key business decisions that it normally makes in December every year.

    Local media reports say that Samsung is now trying to figure out timing to conduct its annual reshuffle of top executives as well as the restructuring of its business divisions. It normally does this in December every year but has had to postpone it due to the ongoing investigation. Since that hasn't been done as yet the company will have to delay the annual hiring process which normally takes place in March. Some suggest that Samsung may not conduct the annual hiring drive this year and will just allow subsidiaries and affiliates to hire new talent as and when required.

    An anonymous Samsung official cited in the report said that if the investigation is extended, Samsung will have to postpone these key decisions to April, adding that things will only become clear once the investigation is completed. Samsung confirmed yesterday that it's going to abolish its future strategy office once the investigation is complete, that's the office which is believed to have been used to doling out money for influence.

    Via Business Samsung Group

    You might also like

    Samsung Electronics turns 54 years old, celebrates anniversary in South Korea

    Samsung Electronics turns 54 years old, celebrates anniversary in South Korea

    Samsung Electronics has turned 54 years old today. Yes, the company is that old. In 1969, Samsung Group (which started in 1938) established Samsung Electric Industries. In 1974, Samsung Group entered the semiconductor business by acquiring Korea Semiconductor, which was the country's first semiconductor chip company and was struggling. Soon, it joined hands with Korea […]

    • By Asif Iqbal Shaik
    • 4 months ago
    Samsung holds retirement ceremony for guide dogs, rehomes new puppies

    Samsung holds retirement ceremony for guide dogs, rehomes new puppies

    Samsung Group has a hand in almost every corner of the market, from smartphones and TVs to medicine and cargo ships. Galaxy smartphone users aren't generally aware of the company's reach, but Samsung is a conglomerate that makes a lot of technological advancements possible in and outside of South Korea. However, not everything Samsung does […]

    • By Mihai Matei
    • 1 year ago
    Samsung heir Lee Jae-yong pardoned by South Korean President, gets cleared of bribery charges

    Samsung heir Lee Jae-yong pardoned by South Korean President, gets cleared of bribery charges

    Samsung Electronics Vice Chairman Lee Jae-yong received a huge relief today. The President of South Korea, Yoon Suk Yeol, pardoned Lee on the occasion of next week's Liberation Day anniversary in the country. Lee Jae-yong can now formally take control of South Korea's largest conglomerate. Earlier, Lee was sentenced to 2.5 years in prison after being […]

    • By Asif Iqbal Shaik
    • 2 years ago
    BREAKING: Samsung boss Lee Jae-yong granted parole, will be released on Friday

    BREAKING: Samsung boss Lee Jae-yong granted parole, will be released on Friday

    Samsung Group's leader, Lee Jae-yong, was sent to jail a few months ago on bribery charges. However, it was being speculated that he may be pardoned by the South Korean president sometime in August. Now, it is being reported that Lee has been granted parole, which means that he will soon be released from jail. Lee […]

    • By Asif Iqbal Shaik
    • 3 years ago
    Is Samsung a Korean company? A short history of the global giant

    Is Samsung a Korean company? A short history of the global giant

    Samsung is one of the world's largest technology companies. At $197.7 billion, it ranked second on Fortune's list of the largest tech companies by revenue in 2020. Samsung is a truly massive conglomerate with a worldwide presence and almost 300,000 employees across the globe. Most of the companies on that list are from the United […]

    • By Adnan Farooqui
    • 3 years ago
    Samsung donates $24.6 million to contain coronavirus in South Korea

    Samsung donates $24.6 million to contain coronavirus in South Korea

    In an exemplary display of corporate social responsibility, Samsung Group has announced that all of its affiliates will donate a combined 30 billion won or $24.6 million to support the South Korean government in its efforts to contain the spread of the coronavirus infection in the country. South Korea is one of the countries dealing […]

    • By Adnan Farooqui
    • 4 years ago