|Bid||89,400.00 x 0|
|Ask||89,500.00 x 0|
|Day's Range||86,300.00 - 89,900.00|
|52 Week Range||42,300.00 - 96,800.00|
|Beta (5Y Monthly)||0.93|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jan 28, 2021|
|Forward Dividend & Yield||1,416.00 (1.63%)|
|Ex-Dividend Date||Sep 28, 2020|
|1y Target Est||54,903.00|
(Bloomberg) -- Samsung Electronics Co. de-facto leader Jay Y. Lee has decided not to appeal against a prison sentence, placing him behind bars for the next 18 months during a time of growing global uncertainty.Lee “humbly accepts” the court ruling, his lawyer said in a statement Monday. A Seoul court last week handed down a 30-month sentence to the billionaire, though he will likely only have to serve 18 months after already having spent a year in prison before he was released in February 2018. South Korean special prosecutors, which had originally sought a nine-year jail term, also decided not to appeal the case, YTN reported, citing prosecutors.Read more: Samsung Heir Sent Back to Prison for 30 Months in Bribery CaseThe sentencing marked the end of a years-long corruption scandal that toppled former South Korean president Park Geun-hye. Lee had been accused of offering bribes that included horses and other payments to win support for his succession at South Korea’s largest conglomerate. The trial -- as well as a second case involving a merger of two Samsung units -- had been an overhang for the company, which had held off from naming him as chairman following the death of his father Lee Kun-Hee.Samsung Electronics declined to comment on the decision to forgo an appeal. Shares of South Korea’s most valuable company rose 3% in Seoul on Monday, after having gained more than 40% over the past year.Any void in leadership presents risks for the world’s largest producer of memory chips, smartphones and consumer appliances as it deals with the Covid-19 pandemic, tumultuous U.S.-China relations and intensifying competition in mobile devices and semiconductors. While Samsung’s daily business is run by an army of managers, Lee’s absence may stall or complicate larger investments or strategic longer-term moves. The executive has played an active role at the company, frequently joining government-related and public events after he was released from the prison.Lee faces another case related to the controversial merger between Samsung C&T and Cheil Industries in 2015, which includes allegations ranging from violation of capital markets law to a breach of duty. He will have to attend hearings in that case while serving his time in jail.(Updates with report on prosecutors in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Samsung scion Lee Jae-yong will not appeal a court ruling that sentenced him to two and a half years in prison for bribing South Korea's then-president for business favors.
Samsung is considering investing around $17 billion to build a chip-making factory in the US, the Wall Street Journal has reported.What Happened: The South Korean giant is looking at locations in New York, Texas and Arizona, people familiar with the matter told WSJ.Samsung's plan is to open the factory by October 2022 and to hire up to 1,900 people.Why It Matters: The expansion plans come after US lawmakers proposed allocating billions of dollars to develop the country's chip-making industry after the pandemic showed how dependent it is on overseas supply chains, WSJ noted. With the rise of the semiconductor industry in Asia, the share among US companies has fallen to 12% in recent years, according to a Boston Consulting Group study.See more from Benzinga * Click here for options trades from Benzinga * Legendary TV And Radio Host Larry King Dies At 87 * Facebook Logged Out iPhone Users, Blames 'Configuration Change'(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.