Samsung empire has heir of mystery as controversial merger stirs anger in South Korea
His sisters also play significant roles in the company but Lee Jae-yong is a shadowy figure, largely unproven and his personality unknown
An heir of mystery hung over a public spat within the Samsung empire last week.
Big business in South Korea is often a family affair, never more so than on Friday when shareholders approved a highly contested deal that strengthened the Lee family's grip on the world's largest smartphone maker.
The US$7.8 billion merger between Samsung Group's de facto holding company Cheil Industries and construction arm Samsung C&T Corp grants Samsung heir Lee Jae-yong, currently vice-chairman of Samsung Electronics, 16.5 per cent of the merged firm. That, in turn, grants him C&T's 4.1 per cent holding in Samsung Electronics, strengthening his control over the group flagship.
With 69.5 per cent of shareholders backing the takeover, the narrow victory for the South Korean dynasty came after billionaire activist investor Paul Elliott Singer had waged a six-week public campaign opposing the deal on grounds that the offer was too low for C&T investors.
"The outcome will no doubt have a big impact on Samsung's succession plans," said Chae Yi Bai, an analyst at the Centre for Good Corporate Governance.
Despite the succession plans of a colossal conglomerate being thrust into the spotlight, the 47-year-old heir, known informally in English as "Jay", remains a shadowy figure.
