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While North Korea has been paving the way for its succession from the ailing Kim Jong-il to his third son, Jong-un, South Korea's largest conglomerate has been also engaged in a similar father-to-son power transition, Hankyoreh reported Saturday.
In a piece Saturday, entitled "Unbridled Samsung: Speeding up Lee Jae-yong succession?" the newspaper said that the retired former Samsung owner, Lee Kun-hee, was cleared of all legal charges, except for tax evasion, which would pave the way for the transfer of the management control to his only son, 41-year-old Jae-yong.
Unfortunately, that news didn't receive its due attention because the day when the verdict was announced, May 29, coincided with former President Roh Moo-hyun's funeral, who jumped to his death from a cliff, it said.
Hankyoreh said prosecutor's office showed "bias" in handling the two significant cases, in the former president's case by giving favors to a witness who testified against Roh, while in Samsung's case largely ignoring a whistleblower who testified against the nation's most influential conglomerate.
Former Samsung Group Chairman Lee Kun-hee was acquitted of charges he illegally transferred his wealth and group control to his only son through convertible bonds (CBs) in Everland, the virtual holding firm of the nation's largest conglomerate.
"Samsung put a period on the legal debate. But moral debate is still going on," the newspaper said.
The focus of the attention now is when or whether Chairman Lee will return to the helm of the company's actual operation and how he will solidify the "Lee Jae-yong system," it said.
In South Korea, as the nation evolves more democratic, the national sentiment growingly disfavors family inheritance of large companies to other family members, which some people see is usually done by the company's taking advantage of the legal loophole.
Lee's only son, Jae-yong, mostly spends his time outside South Korea managing foreign markets. The newspaper said it would take at least two to three years for the younger Lee to prove himself as a leader after he takes over the helm of the company.
