SEOUL: The world’s biggest smart phone maker Samsung, assailed by a shambolic recall and embroiled in South Korea’s wide-ranging corruption scandal, on Friday backed away from a planned corporate restructuring. Its vice-chairman Lee Jae-Yong, heir to the parent Samsung group, has since been arrested and indicted for bribery, along with four other senior executives, in connection with the graft scandal that saw ex-president Park Geun-Hye impeached. Samsung SDS plunged 8.47 percent and Samsung C&T was down 7.27 percent. Vice-chairman Lee has effectively been at the helm of the Samsung group since his father suffered a heart attack in 2014. His indictment sent shockwaves through the company and triggered the announcement of a major reform of its top-down management style.

Source: Manila Times March 24, 2017 09:33 UTC