Most people are unaware of power transfers at the top of some of the largest corporations in the world. Who sits in the boardroom doesn’t generate news if goods and services are successful and store shelves are full. However, Samsung’s family dynasty is so intricate and the corporation is so important to the South Korean economy that it makes headlines.
In 2017, Lee Jae-yong, better known as JY Lee, the heir apparent to Samsung, was imprisoned for his involvement in a corruption scandal that also resulted in the overthrow of the nation’s president.
The 57-year-old is Samsung’s grandson. He was called “one of the most powerful people in the history of technology” by Geoffrey Cain, the author of the book Samsung Rising. However, Lee’s succession was uncertain in 2015 since his father, the chairman of Samsung, was hospitalized after suffering a heart attack.
He was accused of providing financial support to foundations headed by Choi Soon-sil, a close friend and ally of former South Korean President Park Geun-hye, in exchange for political backing for a merger that would increase his control over the company.
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