BUSINESS

Samsung’s Lee likely to quit Boao Forum board

By Cho Chung-un
  • Published : Jan 3, 2018 - 10:42
  • Updated : Jan 3, 2018 - 17:48
Samsung Electronics Vice Chairman Lee Jae-yong is likely to leave the board of the Boao Forum, known as Asia’s Davos Forum, as he is unable to carry out his role.

His term as a board member ends in April. The heir apparent of the nation’s largest conglomerate is not likely to seek another five-year term, industry observers said.

Lee took the board member position from SK Group Chairman Chey Tae-won in 2013. The board includes Singapore’s former Prime Minister Goh Chok Tong and former US Secretary of the Treasury Henry Paulson.

Lee Jae-yong, vice chairman of Samsung Electronics Co., enters the Seoul High Court in this file photo taken Nov. 29, 2017. (Yonhap)

Last year, Lee stepped down from the outside director post of Exor, the parent company of Fiat Chrysler Automobiles. The 50-year-old has been jailed since February over bribery charges involving former President Park Geun-hye. A lower court sentenced Lee to five years in prison, and an appeals court is set to deliver its ruling early next month.

Launched in 2002, the Boao Forum serves as a dialogue platform that brings together government, business and academic leaders in Asia and other regions.

By Cho Chung-un (christory@heraldcorp.com)