Samsung Heirs to Pay $11 Billion Tax Amid Succession Cases
Yoojung Lee and Sohee Kim, 28 April 2021
Samsung Group’s billionaire heirs outlined a long-awaited plan to pay one of the largest inheritance-tax bills in history, a more than 12 trillion won ($11 billion) transfer of assets that will take place over several years.
The family of Lee Kun-hee, who died last year, revealed the size of the total bill, along with its intention to donate 1 trillion won for medical facilities and approximately 23,000 works of art. Under South Korea law, the heirs are allowed to make the tax payment over five years. Continue reading “Article: Samsung Heirs to Pay $11 Billion Tax Amid Succession Cases”
Samsung’s Lee denies charges in first court hearing on succession
Song Su-hyun, 22 April 2021
Samsung Electronics chief Lee Jae-yong on Thursday denied all charges leveled against him during his first trial hearing on alleged irregularities surrounding his ascension to the helm of Samsung Group.
Attending the session held at the Seoul Central District Court, Lee pleaded not guilty when he was asked by the presiding judge to respond to the charges brought against him by prosecutors which include stock market manipulation, illicit trading and breach of trust.
“I cannot admit (to the indictment). I deny (all the charges),” Lee replied, after a short pause. Continue reading “Article: Samsung’s Lee denies charges in first court hearing on succession”
Apple Gets New Damages Trial After $506M Patent Verdict
Caitlin Simpson, 14 April 2021
A Texas federal judge ruled Wednesday that Apple is entitled to a new damages trial after a jury found in August that it infringed PanOptis’ standard-essential 4G wireless patents and must pay $506 million, saying there is “serious doubt” about the reliability of the verdict.
U.S. District Judge Rodney Gilstrap declined to order a new trial on any other issues that Apple raised. As for the damages, he said that because the dispute centers on standard-essential patents, or SEPs, they must be licensed on terms that are fair, reasonable and nondiscriminatory, or FRAND, but the parties decided to leave the FRAND issues to a bench trial after the jury trial. Continue reading “Article: Apple Gets New Damages Trial After $506M Patent Verdict”
Samsung’s Jay Y. Lee on cusp of stepping out of father’s shadow
Joyce Lee, 17 January 2021
SEOUL (Reuters) – For years, legal troubles have cast a cloud over Samsung Electronics Vice Chairman Jay Y. Lee as he stood on the cusp of stepping out of his father’s shadow and making a name for himself as the leader of the global tech giant.
On Monday, he faces sentencing on a bribery charge that could sideline him from the world’s largest smartphone and memory chip maker just as it looks to overtake rivals in areas such as chip contract manufacturing and artificial intelligence (AI).
“Samsung is at a crossroads,” said Park Ju-gun, head of researcher CEO Score. “COVID-19 has accelerated change, and other third-gen (Korean) business leaders are aggressively breaking into new business.” Continue reading “Article: Samsung’s Jay Y. Lee on cusp of stepping out of father’s shadow”