Samsung Boss Lee Jae-Yong Goes On Trial In South Korea
- Author: Leroy Wright Apr 19, 2017,
Apr 19, 2017, 13:23
On Thursday, April 6, Samsung shared that it expects its overall operating profit to touch 9.9 trillion won (approximately $8.8 billion) in Q1 2017.
Samsung's sales over the cited period edged up 0.44 percent to 50 trillion won, the data also showed. That could help it stage a comeback in the wake of a string of controversies.
A bound and handcuffed Lee Jae-Yong, the vice-chairman of Samsung Electronics, arrived at the Seoul Central District Court as his trial opened Friday.
During a September 2014 meeting with Lee, President Park Geun-hye had asked for Samsung Group to take over as the main sponsor of the Korea Equestrian Federation.
However, many analysts predict that the Galaxy Note 7 debacle will not affect the Galaxy S8 sales.
Samsung did not announce the performance of each business division.
The verdict is expected to be delivered in late May.
Lee's arrest, the first for a Samsung chief even though his father was twice convicted of bribery, sent shockwaves through the company and triggered the announcement of a major reform of its top-down management style. Samsung scrapped its flagship smartphones past year after they overheated and caught fire, leaving billions of dollars in financial damages and hurting its reputation.
Samsung Electronics is headed for its best quarterly profit margin in three years, despite its deputy chairman going on trial over corruption allegations.
The Samsung Galaxy S8 boasts a number of high-end features, and received rave reviews for its display, which one research firm rates as the best-ever on a smartphone.
Only 14 percent of Samsung phone owners expressed doubts about safety of the company's smartphones, specifically the current flagship Galaxy S8. Apart from its component business, Samsung is also believed to have received an order from Apple for supplying 70 million OLED display panels for the next iPhone.