SEOUL: The heir to South Korea’s Samsung Group, convicted of bribing the country’s former president, on Wednesday denied allegations of wrongdoing as the appeals trial of his five-year jail term for corruption neared its end.
Jay Y. Lee, the 49-year-old heir to one of the world’s biggest corporate empires, has been detained since February and was convicted by a lower court in August of bribing Park Geun-hye, who was dismissed as South Korea’s president in March.
The court decided the bribe helped Lee strengthen his control of Samsung Electronics, the crown jewel in the conglomerate and one of the world’s top technology firms.
Lee, looking relaxed in a dark suit and white shirt without tie at the ongoing appeals hearing, denied this charge and also denied recent allegations that he had met Park one-on-one four times, instead of the previously disclosed three times.
The Seoul High Court is expected to rule on the appeal in late January. Whichever side loses could take the case to the Supreme Court, the final court of appeal in South Korea.
The lower court in August had ruled that while Lee never asked for Park’s help directly, the fact that a 2015 merger of two Samsung affiliates did help cement Lee’s control over Samsung Electronics “implied” he was asking for the president’s help to strengthen his control of the firm.
His lawyers have strongly challenged this logic since appeals hearings began in October.
Faced with investor worries of a leadership vacuum as Lee remains detained, Samsung appointed a new generation of top managers at its three main businesses including semiconductors in October.
Lee has been widely expected to follow in his father, Lee Kun-hee’s, footsteps in the future. Lee Kun-hee, the chairman of the group, has been hospitalized since 2014.
Answering a prosecutor’s question about his future as Samsung heir, Lee said: “I had been privately thinking that Chairman Lee Kun-hee will be the final person to have the title of Samsung Group chairman.”
“I have often said that I want to be a businessman who is recognized for capability, not just for being someone’s son, or for having a lot of shares.”
Samsung scion denies corruption charges as legal appeal nears end
Samsung scion denies corruption charges as legal appeal nears end
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
