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S. Korea Supreme Court orders retrial for Samsung heir Updated: 2019-08-30 07:02:04 KST

The order by South Korea’s Supreme Court that Samsung Electronics Vice Chairman Lee Jae-yong be retried for bribery has revived uncertainties at the country's biggest company.
Lee Jae-yong again faces the possibility of prison time, having previously served a year after his arrest in February 2017.
He was released in 2018 on appeal after the Seoul High Court halved his five-year sentence and suspended it for four years.

"Following the Supreme Court's ruling, Samsung Electronics released an official statement, saying it deeply regrets that this case has created concerns across society, adding that it will renew commitment to carrying out the role of a responsible company and not repeat past mistakes."

In its first statement on the case, Samsung added that it has faced difficulties from external and internal uncertainties and has been constrained in preparing for future businesses. It asked for public support to overcome the challenges and continue to contribute to the local economy.
Samsung has been affected by global trade turmoil, including the U.S.-China trade war and Japan's trade restrictions on key parts and materials to Korea.
It also faces falling profits from a memory chip downturn and sluggish demand for smartphones.
With its affiliate Samsung BioLogics under investigation for accounting fraud, Thursday's ruling casts doubt on Samsung Group's governance restructuring.
It could also delay major business decision making processes including future investment in industries like AI and the Internet of Things.
Samsung Electronics has not made any high-profile mergers or acquisitions since 2017.
Kim Hyesung, Arirang News.
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