Samsung's Vice Chairman and President Have Reportedly Offered to Resign

Samsung Group Vice Chairman Choi Gee-sung, who is known as "Samsung's No. 2 man", has allegedly offered to resign to take responsibility for the nation's largest conglomerate's involvement in the corruption scandal involving President Park Geun-hye, industry sources said on February 24. It's unclear whether the two executives have offered their resignations in a formal manner or whether the offer was an unofficial one. Choi has played the role of mentor to the Samsung heir.

"We are optimistic of seeing a strong consumer interest and readiness to adopt mobile payments in Malaysia, with Samsung Pay's secure and user-friendly facility", he told reporters after the launch of Samsung Pay here today.

If the company's two executives truly resign, their departure will mark the latest effect of the influence-peddling scandal that already did a lot of damage to Samsung. Samsung Group did not immediately comment on the report. Samsung Pay was first introduced in Korea in 2015 and the mobile payment system that allows its users to pay for purchases at online stores via a simple fingerprint authentication step has become a big hit.

The head of Samsung is likewise blamed for embezzlement and perjury, according to the prosecution's application for an arrest warrant.A ruling is expected on Wednesday.

"Samsung Pay service is actually ideal for the country because Malaysia has its national e-payment strategy with the ultimate goal of becoming a cashless society", said Lee. While most industry watchers believe Lee's arrest won't necessarily affect Samsung in the short term, the company's global strategy pertaining to mergers and acquisitions may be affected if Lee ends up getting a prison sentence.

  • Zachary Reyes