Samsung Electronics Co. Chairman Jay Y. Lee has launched into a enterprise journey to Europe as he seeks to tighten cooperation with Samsung’s key enterprise companions and drum up help for Korea’s efforts to host the World Expo 2030.
The chief of South Korea’s high conglomerate Samsung Group left for London on Sunday the place he’s anticipated to inspect the conglomerate’s efficiency and market circumstances for its Digital eXperience division (DX), which oversees its electronics enterprise, in Europe.
Samsung, the world’s largest reminiscence chipmaker, is the highest participant in Europe’s smartphone and TV markets.
On Wednesday, the Samsung chief, whose Korean identify is Lee Jae-yong, is scheduled for a Korea-UK enterprise discussion board as a part of Korea’s delegation to the nation to strengthen Korea’s and Samsung’s native enterprise community.
He’ll fly to Paris on Thursday to help Korea’s bid to host World Expo 2030 in Busan, Korea’s largest port metropolis.
Korea competes with Saudi Arabia’s Riyadh and Italy’s Rome to host the worldwide honest. The winner shall be determined by a vote of the Bureau Worldwide des Expositions (BIE) member international locations on Nov. 28.
Lee has been crisscrossing the globe as a particular presidential envoy to guide the Korean authorities’s and enterprise leaders’ promotional pitches for the World Expo. Earlier this month, he visited the Cook dinner Islands within the South Pacific Ocean to solicit different governments’ help in the course of the Pacific Islands Discussion board (PIF) summit assembly.
FIRST OVERSEAS TRIP SINCE HIS LATEST COURT TRIAL
Lee’s newest European journey marks his first worldwide journey since appeared on court docket final week over an accounting fraud case for the 2015 merger involving two Samsung associates.
Final Friday, prosecutors sought a five-year jail time period for Lee on costs of inventory value rigging and accounting fraud related to the merger in 2015 of Cheil Industries Inc. and Samsung C&T Corp. Prosecutors additionally requested 500 million received ($386,430) over the merger case in high quality in the course of the listening to on the Seoul Central District Court docket.
The merger, prosecutors mentioned, helped Lee tighten his management over Samsung C&T, the de facto holding agency of Samsung Group, to the detriment of different shareholders’ pursuits.
Lee, nonetheless, mentioned that the merger was a part of the conglomerate’s broader plan to spice up its associates’ competitiveness.
“As an entrepreneur, I’ve the duty to proceed to create income and jobs (for the nation). Grant me a chance to focus all of my capabilities solely on transferring ahead,” he mentioned on the court docket listening to.
Prosecutors indicted him over the case in September 2020. The court docket will hand down a ruling on Jan. 26.
As a part of his world enterprise actions, Lee plans to go to the Netherlands in mid-December as a member of Korea’s financial delegation.
He’s anticipated to satisfy with chief executives of Samsung’s key companions, together with chip tools maker ASML Holding N.V and NXP Semiconductors N.V., an automotive chipmaker.
Write to Jeong-Soo Hwang at hjs@hankyung.com
In-Soo Nam edited this text.
