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Dogwalk Call Back: Heir To Samsung Who Has Lied About His Father's Death For 6+ Years Says That He Won't Pass Control On To His Children

Eddie and covered this absolutely INSANE story on Dogwalk just last week. I think it is definitely worth a listen. The Samsung story is basically a cross between "Crazy Rich Asians" and "Succession". Family squabbles, rivalries, corruption, criminal trials, government intrusion, succession plots, and lies. It's absolutely fascinating and now we actually have an update on the future of the company. 

(source)--Until today, two things were thought to be true about Samsung’s royal family: it doesn’t apologize unless things explode, and company control is a birthright of the Lees. The break in tradition could be a historic moment for the chaebol that got its start as a small grocery store in the 1930s, before rising to become a major international force responsible for nearly 20 percent of South Korea’s GDP.

“We failed, at times, to meet society’s expectations. We even disappointed people and caused concern because we did not strictly uphold the law and ethical standards,” said Lee during the apology, according to Reuters. “I will not pass the company’s managerial rights to my children. I have thought about it for a long time, but was hesitant about making it public,” he added, according to The Korean Herald.

I think...I actually feel bad for this guy. Jay Y Lee is a billionaire and a convicted criminal and somehow I am sitting here in my little 2 bedroom apartment in Ukrainian Village in Chicago and I feel bad for him. Part of me just respects the hustle. The guy would do ANYTHING to keep control of his family's company and legacy. Bribery, breaking up efforts to organize labor, and pretending his dad was alive for over 6 years. That is absurd and now, his watch has ended. A family business that started as a grocery store in the 1930s and somehow grew over 4 generations into one of the largest electronic companies in the world will be run by someone outside the family. That has to suck for Jay Y. It's like the last Roman Emperor or Egyptian Pharaoh. Things have been rolling along for FOREVER in your family's name and now it ends with you because your dad died too early and you just tried to keep the family business in the family by any means necessary. First announcement is that his kids won't get to run the company. Second announcement is probably going to be a formal certificate of death for his dad 6 years after the fact. Now he just has to live out his days a lowly billionaire who is independently wealthy as opposed to running the most powerful company in the country. SAD!