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Biz Community Express Concern over Ruling on Samsung Heir

Written: 2019-08-29 16:33:15Updated: 2019-08-29 17:39:08

Biz Community Express Concern over Ruling on Samsung Heir

Photo : YONHAP News

Following a Supreme Court decision ordering a retrial for a corruption scandal involving Samsung Group's de-facto chief Lee Jae-yong, the business community has expressed concern that uncertainties in the corporate management world may continue.

In a press release in the wake of Thursday's ruling, the Korea Employers Federation said that business circles are worried managerial uncertainties will increase at Samsung Group.

The federation said the Korean economy currently faces multiple challenges at home and abroad including Japan's export restrictions and the U.S.-China trade war.

It said that in order to overcome the situation, support and encouragement is urgently necessary so that businesses can facilitate investment and job creation.

The group said Samsung Group must play a leading role in securing Korean competitiveness in future growth sectors such as biotechnology and the non-memory segment in semiconductors. 

Lastly, it also asked for policy and administrative consideration from the government so the latest ruling does not have a detrimental impact on Samsung's management. 

The Federation of Korean Industries also issued a statement expressing concern that a blow to Samsung's managerial activities due to the ruling may have wider adverse effects on the domestic economy.

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