Article: Samsung’s Lee denies charges in first court hearing on succession

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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”

Article: Samsung’s Jay Y. Lee on cusp of stepping out of father’s shadow

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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”

Article: CORRECTED-S.Korea fines Goldman Sachs’ unit $6.7 mln for naked short selling

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CORRECTED-S.Korea fines Goldman Sachs’ unit $6.7 mln for naked short selling

Reuters Staff, 18 November 2018

SEOUL, Nov 28 (Reuters) – South Korea’s financial regulator said on Wednesday it has imposed a 7.5 billion won ($6.66 million) fine on Goldman Sachs Group’s subsidiary Goldman Sachs International for violating short-selling rules.

The fine is for its short selling activities without securing underlying assets, the Financial Services Commission (FSC) said in a statement, noting the U.S.-based international investment bank’s unit conducted short sales worth 40.1 billion won in May.

Naked short selling, which occurs when an investor sells stock that has not yet been borrowed, is illegal in South Korea. ($1 = 1,126.5500 won)

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