On the morning of January 19, according to Yonhap,Samsung Group and financial circles reported on the 19th that major executives of Samsung Group will hold an emergency meeting in the near future to seek solutions to the company's operation problems after vice president Li Zairong's sentence.
A senior executive of SamSung group said that it was generally believed that Li Zairong might be sentenced to probation. The day before yesterday, he was deeply impacted by the news that he was sentenced to two and a half years' imprisonment and was sent to prison in court. Senior executives are expected to hold an emergency meeting to discuss how to minimize the adverse impact of Li's absence.
It is predicted that Li will listen to work reports on the company's key projects in prison. However, the covid-19 prison meeting was suspended for 4 weeks, and the visit was conducted by telephone only. Therefore, it is not easy for Li Zairong to make decisions on long-term development plans such as large-scale investment or business merger in prison. In addition, Li will have to make decisions in prison on such major issues as inheriting the shares held by the late president Li Jianxi and paying estate tax, which will bring a lot of pressure to Li.
Relevant people in the financial circles said that Samsung had always hoped that Li Zairong would be suspended, but the retrial was just contrary to expectations, and its management system would inevitably face adjustment. Therefore, it is necessary for Samsung to establish a management system that can operate normally in the absence of the president in the future.