Samsung Billionaire Apologizes for Succession Scandal

Jay Y. Lee, the billionaire scion of Samsung Group, issued a personal apology for his company’s role in a scandal over succession that rocked South Korea and promised not to hand down leadership to his children, signaling he will likely be the last of his family to oversee the country’s most powerful conglomerate.

Speaking at a briefing at company headquarters, Lee admitted missteps in the past and pledged he will avoid violations of the law in the future. His promise means that leadership of Korea’s largest conglomerate, which was founded by his grandfather and then led by his father, won’t get passed to a fourth generation.