Samsung's jailed board chairman resigns

Samsung shares up 2.83 per cent as news of Lee Sang-hoon's resignation breaks

                                

Samsung board chairman Lee Sang-hoon, who was jailed for sabotaging union activities , has offered to resign.

The company said the board will appoint a new chairman, from the remaining members of its board, in the near future. Sang-hoon was given a 1.5 year jail sentence in December for sabotaging legitimate union activities.

An investigation unearthed conclusive evidence that Sang-hoon and others at Samsung conspired to crush unions and unionising efforts there. However, he has appealed against the decision.

Sang-hoon's appointment as board chairman in November 2017 split the chairman and chief executive roles for the first time at Samsung, in an bid to improve the company’s transparency, following a corruption scandal involving group heir and vice president Jay Y Lee.

Lee was convicted and jailed for five years in August 2017 for bribing the country’s former president. He was released in 2018, but he could end up going to prison again, after South Korea’s highest court ordered a retrial.

News of Sang-hoon’s resignation has seen shares rise by 2.83 per cent to $1,308.00 (£1, €1.21) at the time of writing.

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