28 September 2018_campuscad
Newly appointed Samsung chairman Lee sang-hoon charged by South Korean prosecutors in union sabotage case.
Lee sang-hoon is uplifted to Chairman and CEO position from the CFO position in March 2018, accused of threatening to cut the wages and terminate the contracts with vendors who allegedly linked with union at Samsung.
In 2013, Workers at Samsung customer division has formed the new labour union when Chairman Lee was Chief financial officer.
Company has a history of not prompting the union at its workplaces and have only 300 people in the union out of it 200,000 employees in South Korea.
Prosecution official Kim Soo-hyun said to Japanese reporters “This is meaningful in that Samsung’s long-disputed policy of not tolerating labor unions has mostly turned out to be true.”
March 2017, Samsung group vice-chairman Lee Jae-yong was accused to bribe the Korean government official’s fraud and perjury. Chairman Lee Jae-yong then was sentenced to 5 year jail term and shook the business world. But the sentence reversed later and Lee Jae-yong released from the prison.
Chairman Lee sang-hoon with 27 other Samsung employee indicted in latest case by prosecution.
Samsung Electronics has around the 20-24% global Smartphone market share and shipped more than 317.3 million Smartphone’s worldwide in 2017 alone. Samsung electronics market capital is $395 billion.
Electronic giant has regained its number one spot in Indian market share which was lost to Xiomi last year and have around 27-28% market share. Samsung is competing in both premium and low cost mobile handsets with Apple, Xiomi, Oppo, Vivo and One plus.
The world has a history!
Number of companies had practices in the past to give bribe to official to approve the contracts and the trend till follows as we all know.
Kellogg Brown & Root known as KBR Inc worlds largest construction and engineering company, bribed to Nigerian official to secure a natural gas plant construction contract and fined almost $402 million.
Siemens AG, world’s largest transformer maker found guilty in for paying almost $16 million to the president of Argentina to secure the identity card contract.
For more such daily stories, sign up below.