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CJ Group Chairman Lee Jae-hyun to return to helm in March
Collected
2017.02.27
Distributed
2017.02.28
Source
Go Direct
Lee Jae-hyun, chairman of South Korean retail conglomerate CJ Group, will return to the helm next month after four years of absence due to imprisonment from criminal wrongdoings.

Lee was pushed out of his office after he was charged with embezzlement, breach of trust, and tax evasion in June 2013. He was sentenced to serve 30 months in prison and fined 25.2 billion won ($22 million) in December 2015. His prison term was cut short through a presidential pardon in August last year.

Since then, he has been under hospital treatment for hereditary disease. He recently has been overseeing management affairs from his hospital room.

The conglomerate that runs an expansive line of food and entertainment business in Korea and overseas will decide on appointments and organization reshuffle over the next week.

Its management agenda has been stalled due to preoccupation with the prosecution probe on suspected favoritism in return for corporate donations to President Park Geun-hye and her friend Choi Soon-sil. The prosecution suspects CJ would have handed over funds to lobby for early release for its chairman.

The group has operated under a temporary management committee with CJ Group Co-chairman Sohn Kyung-shik, CJ Vice-Chairpersons Lee Mi-kyung, Lee Chae-wook, and Kim Chul-ha during Lee’s absence. Lee is to re-register as the managing director on the boards of CJ and CJ Cheiljedang.

By Jeon Ji-hyun

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]