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Samsung Group heir Lee expected to step down from Boao Forum’s board
Collected
2018.01.03
Distributed
2018.01.04
Source
Go Direct
Samsung Electronics Co.’s Vice Chairman Jay Y. Lee, under policy custody amid ongoing trial on bribery and other criminal offenses, is expected to resign from the board of the Boao Forum for Asia once his term ends in April, according to some industry sources on Wednesday.

He was appointed as a board member on the Boao Forum in April 2013, succeeding SK Group Chairman Chey Tae-won. Industry experts believe that it would be difficult for him to extend his term as he has been behind bars since February last year for charges including bribery that led to the impeachment and imprisonment of former President Park Geun-hye. He was sentenced to five years in prison in the first court ruling in August last year.

The Boao Forum, modeled on the World Economic Forum, has been held in China annually in April since 2002 to promote regional exchanges and cooperation of Asian countries and businesses. Former Japanese Prime Minister Yasuo Fukuda has been serving as chairman of the forum, and its board members include former Singapore’s Prime Minister Go Chok Tong, former U.S. Treasury Secretary Henry Paulson and former Vice Premier of the State Council Zeng Peiyan.

According to a source from the business circle, it is uncertain whether the heir to Korea’s biggest conglomerate expressed his will to step down but his position would be determined at the upcoming board meeting of the forum. He also resigned as an outside board director of Exor, an investment company acting as a holding firm of Fiat Chrysler Automotive (FCA) in April last year.

By Hwang Hyung-gyu and Choi Mira

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