Samsung heir vows no succession of management to children, abolishes 'no labor union' policy

Samsung heir Lee Jae-yong. Yonhap

Samsung Group heir Jay Y. Lee said on Wednesday that he will not hand over management rights to his children at the family-controlled conglomerate.

The 51-year-old Lee also apologised for the group's failure to strictly abide by the law and ethics and to meet public expectations, in his first news conference in five years.

The executive has been embroiled in a bribery scandal involving South Korea's impeached president and which prosecutors said was aimed at smoothing business succession. (Reuters)