Samsung Group Heir Questioned In South Korea Over Controversial Merger
Jay Y. Lee, the heir to the Samsung Group and Vice Chairman of Samsung Electronics Co Ltd. (OTC: SSNLF), was questioned by South Korean prosecutors.
What Happened
The 2015 merger between the Samsung C&T, a construction firm and Chiel Industries Inc., a theme park operator, has been under scrutiny, reported Reuters.
The merger was criticized by Elliott Management, a U.S. hedge fund, as well as other investors for favoring Samsung’s family interests over the interests of shareholders.
Why It Matters
The Samsung Electronics vice chairman is also facing a trial over bribery allegations relating to the former South Korean President Park Geun-hye, reported Reuters.
Lee was seeking support from the former president as he was preparing to take over from Samsung patriarch Lee Kun-hee.
Price Action
On Friday, Samsung OTC shares closed unchanged at $2,210 in New York. The shares traded 0.72% higher at $39.82 in Seoul on Tuesday.
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