Korea Fair Trade Commission to name Lee Jae-yong and Shin Dong-bin as the heads of Samsung and Lotte
- 6 years ago
The Korea Fair Trade Commission has decided to treat Lee Jae-yong and Shin Dong-bin as the heads of Samsung group and Lotte group, respectively.
It's the first time in 30 years that the FTC has made such a change in who it regards as the heads of the two conglomerates.
The FTC made the decision because Samsung's chairman Lee Kun-hee has not been involved in the group's business activities since he was hospitalized in May 2014.
Lotte's honorary chairman Shin Kyuk-ho also has not made any important business decisions recently.
The decision will affect the rules related to ownership of affiliates and related-party transactions.
It's the first time in 30 years that the FTC has made such a change in who it regards as the heads of the two conglomerates.
The FTC made the decision because Samsung's chairman Lee Kun-hee has not been involved in the group's business activities since he was hospitalized in May 2014.
Lotte's honorary chairman Shin Kyuk-ho also has not made any important business decisions recently.
The decision will affect the rules related to ownership of affiliates and related-party transactions.