Samsung apologizes to shareholders for its many recent scandals

Samsung Note 7

Samsung Vice Chairman Kwon Oh-hyun delivered an apology to Samsung shareholders recently regarding the many scandals the company has been embroiled with as of late. 

The company has been involved in a number of high-profile events, including the recall of its Note 7 device due to combustion issues and the ousting of the South Korean president. The heir to Samsung’s legacy, Seoul. Jay Y. Lee, remains detained for charges including bribery and embezzlement. 

“I’m sorry for the scandal,” Kwon said in his address. “I apologize once again for the mistake with the Note 7 last year. It was a failure that arose from trying new technology.”

Lee is accused of bribing President Park Geun-hye in exchange for backing in a 2015 merger. Samsung continues to deny these claims, and during his address, Kwon maintained that the company didn’t pay bribes in the forms of donations. 

While there was some talk of creating a holding company for the companies under the Samsung empire, Kwon also walked back that initiative, stating that creating a holding company “doesn’t look easy” at the moment.

Source: Bloomberg 

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