It is no secret that the business world is constantly being plagued by greedy, unethical, executive members that abuse their power for personal benefit. For instance, the article I will be discussing today highlights that even the largest corporations and highest levels of government are subject to corruption. I am alluding to, “Lee Jae-yong, the jailed de facto leader of Samsung who bribed Park Geun-hye, then South Korea’s president, to keep his control of the business empire”(NYT, P2).
Former South Korean president Park Geun-hye
Ms. Park is claimed to have been bribed for upwards of 52 million dollars including an $800,000 horse. Mr. Lee attempted a merger of two subsidiaries (Samsung C&T and Cheil Industries) but soon realized that he would need the governments backing for the merger to come to fruition. If successful Mr. Lee would have been, “the biggest shareholder in the combined entity and bolstered his grip on Samsung Electronics, a major manufacturer of smartphones” (NYT, P4). Large shareholders have significant influence in all executive decisions and the strategic course of the company at whole. Mr. Lee’s attempt to gain power alongside Ms. Parks’s willingness to help would have been an ethical tragedy at the highest level of business.
I chose this article because it outlines the principle human behavior of desiring what you cannot have. Mr. Lee was already a rich and famous man yet his greed for power and money led him to stray from his ethical thinking. It is events such as these that blacken the public’s view of the business world. However, since the article was released Mr. Lee has been sentenced to 5 years in prison. Ms. Park was impeached and is currently on trial for 18 criminal offences. The court hearing is a step in the right direction and a victory for improving business ethics around the world. Taking advantage of power for personal gain is an issue in today’s society that must be met with harsh consequences. Implementing anti-bribery programs is the first step towards recovery. These programs if executed properly will demotivate and help deter such events from happening again. Locally, I also believe it is the job of first year students at UBC to hold each other accountable for eachothers actions. Together, we must consistently practice honesty and integrity in all areas that we pursue.
Lee Jae-yong after being convicted guilty
WC:376
~Sources
NYT Article – https://www.nytimes.com/2017/08/02/business/samsung-lee-jae-yong-trial-south-korea.html
~Images (in order of appearance)
Park Geun-hye – http://www.india.com/news/world/scandal-rocked-south-korean-president-park-geun-hye-replaces-prime-minister-hwang-kyo-ahn-1625298/
Lee Jae-yong – https://movietvtechgeeks.com/will-lee-jae-yong-corruption-arrest-affect-samsung/
Samsung – http://www.samsung.com/us/support/answer/ANS00045081/