During the general shareholders meeting on Friday, Samsung Electronics CEO Kwon Oh-hyun stated the company wants to hold off on restructuring the company into a holding company. Investors have been calling for such reform as the founding Lee family is trying to consolidate control over the company.
According to Kwon Oh-hyun, “the situation is not good for the company at this moment”. With five top executives, including vice chairman Lee Jae-yong, indicted on charges of bribery and embezzlement, Samsung is under increasing scrutiny. Asia Nikkei Review reports that the absence of Lee is one of the reasons not to pursue change in the ownership structure of the company.
The main focus of the meeting was on the latest corruption scandal that led to the indictment of Lee and to the impeachment of President Park Guen-hye. Kwon Oh-hyun apologized for the scandal, but denied that Samsung paid bribes.
Read more here.