Samsung Group to abolish all groupwide tasks

Seoul, Feb 27 (IANS) South Korean electronics giant Samsung is planning to abolish its groupwide tasks and let affiliates independently make business decisions, an official said on Monday.

The plan is in line with Samsung’s move to abolish the group’s key future strategy office, which has been responsible for coordinating key affairs among affiliates, Yonhap news agency reported.

Samsung said it would shut down the office as early as next month after the special prosecution team concludes its probe into a presidential influence-peddling scandal that led to the impeachment of President Park Geun-hye.

Acting President and Prime Minister Hwang Kyo-ahn on Monday rejected a bid by the special prosecutors to extend the investigation. The rejection means that the investigation must be concluded by Tuesday.

Samsung’s de facto leader Lee Jae-yong, who was arrested earlier this month over his alleged role in the scandal, told lawmakers last December that he would abolish the group’s future strategy office, which has come under criticism regarding the scandal.