Japanese Media "Samsung Vice Chairman's Detention Raises Concerns Over Instability in Korean Economy"

[Image source=Yonhap News]

[Asia Economy Reporter Lee Hyun-woo] Japanese media on the 18th reported that Samsung Electronics Vice Chairman Lee Jae-yong being sentenced to prison and detained in court is an event that affects both Samsung Electronics and the Korean economy, and predicted that it could become a source of instability for the Korean economy in the future.

On the same day, Kyodo News reported the court detention of Vice Chairman Lee as breaking news, stating, "Samsung is Korea's largest conglomerate, and with the detention of the Vice Chairman, concerns are likely to arise about the impact on the group's management and the Korean economy."

Nihon Keizai Shimbun also reported, "Samsung is facing an abnormal situation of leadership absence again," adding, "The market, which had expected a suspended sentence, was shaken, and Samsung Electronics' stock fell more than 4% at one point during the trading session." The private broadcasting network NNN also reported that with Vice Chairman Lee's re-detention, Samsung is "in a situation of leadership absence, raising concerns about damage to management."

Japan's Jiji Press forecasted, "With the novel coronavirus disease (COVID-19) not yet under control and economic prospects uncertain, the absence of the head of a giant company that should play a leading role could become a source of instability for the Korean economy."

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