Samsung Electronics Vice Chairman Lee Jae-yong, convicted in the Supreme Court on charges of embezzlement and bribery, is dismissed from the position of chairman of the Samsung Life and Public Interest Foundation.
The Seoul Metropolitan Government announced today (21) that as Vice-Chairman Lee was sentenced to two years and six months in prison for the'Gukjeong Nongdan case', there was a reason for disqualification as a Foundation director, and accordingly, related procedures for dismissal were underway.
A Seoul city official said, "I know that the foundation will hold a board of directors next month to dismiss Lee and appoint a new director."
Vice-Chairman Lee inherited the position of Chairman Lee in 2015 from his father, the late Chairman Lee Kun-hee.
The'Social Welfare Business Act' stipulates that “a person who has been sentenced to a prison sentence of more than a safe and has not passed three years from the date the execution is terminated or exempted from execution” cannot become an executive, such as a director of a social welfare corporation.
Accordingly, Vice Chairman Lee cannot return to the Foundation's officers for three years after expulsion.
The Samsung Life Insurance Foundation, the largest public welfare foundation in Korea with assets of only trillions of won, is Samsung's representative welfare foundation, established in 1982, and operates the Samsung Seoul Hospital and Samsung Noble County to conduct medical and elderly welfare projects. .