SEOUL, Aug 10 — The life of soon-to-be-released Samsung chief and South Korean billionaire Lee Jae-yong epitomises the privileges, power and perils of the super-rich in the world’s 12th-largest economy, a country sometimes dubbed the “Republic of Samsung”.
But chaebols are criticised for stifling innovation and competition, while family feuds and criminal charges — often related to tax evasion or bribery — regularly make headlines. But Lee’s separate trial continues over alleged stock manipulation that effectively eased his path to take control of the family conglomerate.
The chaebols have long been accused of murky political connections, and analysts say the father’s arranged marriage to Hong Ra-hee — a daughter of a former justice minister, who has since assembled a world-class art collection — cemented Samsung’s rise to behemoth status. Lee’s late father is credited with transforming a once-obscure manufacturer of low-quality consumer electronics into a global powerhouse and one of the world’s top smartphone makers.
Lee Jae-yong married Lim Se-ryung, the granddaughter of the founder of South Korean food giant Daesang, in 1998.Chaebol families often have only a small ownership stake in their empires, but maintain control through complex webs of cross-shareholdings between units.