The Lee family (from Inheritance: Samsung): Part one

Summary

Good Bad Billionaire: The Lee Family (from Inheritance: Samsung), Part One
BBC World Service | April 29, 2026

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Episode Overview

This special episode introduces the saga of the Lee family, heirs to the Samsung empire, focusing on themes of dynastic succession, power struggles, and controversy within one of the world’s most influential family-run businesses. With narration led by Elise Hu and contributions from experts like Jeffrey Cain, author of Samsung Rising, the episode uncovers how Samsung’s story is inseparable from South Korea’s economic miracle—and recent national scandals.

Main Theme:
The rise, immense power, and public downfall of Samsung’s leadership, particularly Lee Jae-Yong (J.Y. Lee), set against the backdrop of South Korean politics, dynastic intrigue, and a nation’s changing attitude toward its corporate royalty.

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Key Discussion Points & Insights

Dynasties and Succession in Global Business (02:09–03:29)

• Family Enterprises:

  • Family-run companies like Samsung can make long-term decisions free from shareholder pressure, but face unique internal conflicts and succession crises.
  • “Corporate betrayal stings a lot more when it’s your brother or sister or parent doing the betraying.” (Simon Jack, 02:46)
  • The show sets out to explore the challenges of inheriting power and the high stakes when heirs might not rise to the challenge.

• Context for Samsung:

  • Samsung is presented as "the corporate poster child for the economic and technological miracle of South Korea.” (Zing Tsjeng, 03:44)

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The Arrest and Humiliation of J.Y. Lee (04:07–11:02)

• Scene-Setting:

  • February 2017: Lee Jae-Yong (J.Y. Lee), Samsung’s heir, is arrested on bribery charges in a highly publicized event.
  • “He’s the heir-in-waiting to Samsung, a global tech giant… 48 years old, one of the country’s richest, most powerful people, one of the most powerful people in the history of technology.” (Elise Hu & Jeffrey Cain, 05:18–05:23)

• Jeffrey Cain’s Eyewitness Account:

  • “This is one of the most significant moments ever in the history of South Korea.” (Jeffrey Cain, 05:33)
  • The public spectacle, normally avoided by the elite, frames J.Y. Lee as a humbled, common prisoner.
  • “They are the equivalent of royalty. This moment is so significant because it shows that they are no longer untouchable.” (Jeffrey Cain, 06:59)

• Cultural Impact:

  • The family’s sacrifices and contributions are contrasted with public humiliation:
    • “Look, we built the nation, … Why do I have to take this public humiliation?” (Jeffrey Cain, 08:26)

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Samsung’s Succession Struggles and Controversial Merger (11:02–18:17)

• Family Power Plays:

  • “J.Y. Lee is in a tough position because he has been groomed for three decades now to become the heir…various stock sales, various troubled mergers and acquisitions…to solidify his hold on the company.” (Jeffrey Cain, 09:08)

• Risky Moves:

  • J.Y. Lee’s attempts to secure his succession involve controversial and complex financial maneuvers, culminating in accusations of bribery and a high-stakes criminal investigation.

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The Horse, the President, and the Bribery Allegations (13:26–17:30)

• Unusual Sponsorship:

  • In 2016, Samsung sponsors “Core Sports International,” a brand-new company run by Choi Soon-sil, an advisor to President Park Geun-hye.
  • Nearly all money ends up funding Choi’s daughter’s competitive dressage career.
    • “A horse named Vatana V, which cost about $800,000.” (Jeffrey Cain, 14:18)
    • “It wasn’t…the type of company that a major conglomerate like Samsung would want to shower with cash.” (Jeffrey Cain, 15:46)
    • “But it later turns out that virtually all the money Samsung paid…goes to one single rider, the future owner of Vitana V and a young equestrian who happens to be the daughter of the woman in charge…” (Elise Hu, 15:54)

• Alleged Quid Pro Quo:

  • Prosecutors allege that Samsung’s sponsorship was a favor to the President, supposedly in return for political support during Samsung’s critical business merger.
  • “If you’re the boss of a chaebol…it makes total sense to keep the President on side…” (Elise Hu, 17:30)

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The Explosive Shareholder Showdown (20:37–28:53)

• Hostile Merger Vote:

  • July 2015: A tense shareholder meeting debates the merger of Samsung C&T and Cheil Industries.
    • “You could feel the anger and the frustration and the resentment.” (Jeffrey Cain, 20:52)
    • “It was a horrible deal for anybody who owned a piece of Samsung C&T.” (Jeffrey Cain, 23:13)

• Foreign Opposition:

  • Elliott Management, an American hedge fund shareholder, vocally opposes the merger.
    • “They saw it as a manipulation, as devaluing of their shares…” (Jake Kwan, 26:37)

• Corporate Tactics:

  • Samsung lobbies retail shareholders, gifts fruit, and appeals to national pride.
    • “They would serenade them with the merits of the merger. They would also buy them fruit, which is a traditional gift in South Korea…‘Please vote for the merger.’” (Jeffrey Cain, 27:14)

• Mysterious Pensions Vote:

  • National Pension Service, controlling millions in retirement savings, unexpectedly votes for the merger—a move that baffles analysts and arouses accusations of political manipulation.
    • “It was just like a gasp across the country…Why would they vote to lose money, especially if you’re paying out the retirement savings of people?” (Jeffrey Cain, 28:26)

• Alleged Return of Favor:

  • Again, the suspicion: President Park swayed the pension service for Samsung’s benefit, and in exchange, Samsung helped with her personal interests (the horse).
    • "...there are suspicions she’s used her influence to help push this deal through. And in return, J.Y. Lee...has pledged to help the President, with a newfound interest in horses." (Elise Hu, 28:53)

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Notable Quotes & Memorable Moments

• On Succession and Family Control:
  • “It can be quite hard to keep those warring factions under control and in the best interest of what’s going on.” (Zing Tsjeng, 02:29)
• On Corporate Humiliation:
  • “He’s been stripped of all royalty, stripped of the usual decorum that comes with being the heir to the Samsung empire. And now he is just like everybody else…” (Jeffrey Cain, 10:32)
• On the Nation’s Reaction:
  • “It was just like a gasp across the country.” (Jeffrey Cain, 28:26)

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Key Timestamps

| Timestamp | Content | |------------------|----------------------------------------------------------------------------------------------| | 02:09–03:29 | Introduction to dynastic business themes and family succession challenges | | 04:07–11:02 | The dramatic arrest of J.Y. Lee and its national significance | | 13:26–17:30 | The horse sponsorship, Choi Soon-sil, and political-business quid pro quo | | 20:37–28:53 | Controversial Samsung merger, Elliott Management's opposition, and secretive pensions vote | | 28:53–31:08 | Aftermath and teasers for future conflict and family drama |

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Additional Insights

• Complexity of Family-Owned Empires:
  Samsung’s succession narrative is shaped by both family tradition and modern business tactics, showing how tightly intertwined corporate and political power can be in South Korea.
• Public Mood:
  The Korean public’s willingness to see their business “royalty” face justice marks a shift in societal attitudes toward corporate accountability.

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Tone and Style

• The episode blends investigative journalism with dramatized narration, personal testimonies, and in-depth business analysis. The tone shifts between suspenseful, critical, and at times empathetic towards the individuals swept up in the drama.

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For more on the Lee family and Samsung’s dynastic drama, listen to the rest of the “Inheritance: Samsung” series via BBC World Service.

Transcript

[A]

This BBC podcast is supported by ads outside the uk.

[B]

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[A]

Ever invest in something that seemed incredible at first but didn't live up to the hype? Like those five dollar roses at a gas station? Or a secondhand piece of technology that breaks in the first 10 minutes? Marketers know that feeling. We optimize for the numbers that look great, impressions reach and reacts. But when they don't show revenue, well, that's a not so great conversation with the CFO. LinkedIn has a word for bullspend. Now you can invest in what looks good to your CFO. LinkedIn Ads generates the highest roas of all major ad networks. You'll reach the right buyers because you can target by company, industry, job title and more. So cut the bull. Spend advertise on LinkedIn, the network that works for you. Spend $250 on your first campaign on LinkedIn ads and get a 250 credit for the next one. Just go to LinkedIn.com Broadcast. That's LinkedIn.com Broadcast. Terms and conditions apply.

[C]

Hi good bad billionaire listeners.

[D]

It's zing here and Simon and we'll be back in a few weeks time with even more billionaires to discuss and dissect.

[C]

We're going to cover billionaires. You may have heard of BEYONCE, Sir Paul McCartney, anyone?

[D]

And some you might not know, like Tao Huabi, although you may have a jar of her crispy chili oil in the fridge.

[C]

And while we're working on new episodes, we wanted to bring you something something a little bit different, but just as good. Coming up in a minute are the first three episodes of a fantastic new BBC podcast called Inheritance Samsung.

[D]

We don't usually look at people who've inherited their billions on this podcast, but some of the biggest companies in the world and some of the most powerful business people on the planet are part of family owned companies.

[C]

I mean there are pros and cons of these big family dynastic businesses. On the one hand, you get to make long term decisions. You're not buffeted by your outside owners. Shareholders can't get grumpy all the time because you and Your family are the shareholders. But of course, that doesn't mean there aren't arguments. And it can be quite hard to keep those warring factions under control and in the best interest of what's going on.

[D]

There are definite downsides because let's face it, corporate betrayal stings a lot more when it's your brother or sister or parent doing the betraying.

[E]

Yeah.

[C]

And then you have that problem about succession, which they made a terrific TV series about what happens if the person who's supposed to inherit the business isn't up to the job. And I've seen this happen, actually, where, you know, the baton gets passed on from one generation to another and everyone's wondering, can they do it? Are they a duffer? And what about all those loyal lieutenants to the parent? Are they as loyal to the offspring? And is that when trouble can start, there's the whole nest of things that can go right or go wrong?

[D]

Well, it sounds like a very fertile starting point for a podcast.

[C]

This series looks at Samsung specifically, which is the biggest company in South Korea. And Xing, what do you know about Samsung?

[D]

All I know is that, you know, they make their phones. They've been around for decades, they're very successful, but I have to admit, I don't know very much beyond that.

[C]

They're the sort of corporate poster child for the economic and technological miracle of South Korea. Plenty to feast on. We hope you enjoy the first three episodes of Inheritance Samsung.

[D]

To hear the full series, you can listen on baby's he sounds. Or if you're outside the uk, just search Inheritance Samsung, wherever you get your podcasts.

[F]

February 2017. Wintertime in South Korea. Bright sunshine, a chill breeze just above freezing in central Seoul, a blue prison bus rolls to a stop. Peering out through its tinted windows, the accused man can see what is waiting for him. Police and photographers line the road. Protesters too. In a moment, the doors will open and he'll have to face them. But Lee Jae Yong, known as J.Y. lee, isn't your usual kind of prisoner. He's Aaron Waiting to Samsung, a global tech giant. One of the biggest names in phones and TVs, but an empire built on much more. Memory chips, construction, insurance. It's South Korea's biggest company, its biggest success story by far. 48 years old, J.Y. lee is one of the country's richest,

[E]

most powerful people, one of the most powerful people in the history of technology.

[F]

Jeffrey Kane is author of the book Samsung Rising. You'll hear a lot from him this series. He's one of four Samsung Watchers who will be helping us with this incredible story.

[E]

I remember that moment well. I was there. I was outside the courthouse. This is one of the most significant moments ever in the history of South Korea.

[F]

I remember this moment vividly, too. I had just set up a news bureau in Seoul for npr, the American public broadcaster. This story captured the public's imagination and attention, and screens everywhere and train stations even showed these images. For months, prosecutors have been building a case to charge J.Y. lee with bribery. They'd questioned him for almost 24 hours straight, but the courts had refused to issue an arrest warrant. That is, until yesterday. He'd spent the night locked in a single cell with just enough room for a mattress on the floor, a desk, and reportedly a TV made by, get this, Korean rivals. LG Samsung was founded by J.Y. lee's grandfather nearly every eight decades ago. Today, it's less a family business, more like a dynasty. Over the years, J.Y. lee's father and his grandfather before him, both Samsung chairmen, had had their own brushes with the law, but they had never spent the night in a prison cell.

[E]

They are the equivalent of royalty. This moment is so significant because it shows that they are no longer untouchable.

[F]

As the prison bus's door slides open, guards in navy uniforms step onto the asphalt. Suddenly, J.Y. lee can hear the shouts more clearly. Watching is Jake Kwan, then a freelance journalist. He's now part of the BBC's news team in Seoul.

[G]

It was crazy how much media frenzy was around this. This is the most powerful economic leader of South Korea being brought down.

[F]

Guards on either side take hold of his arms as they do so, their hands partially obscure, the white rope wound tightly around Jay Wy Lee's elbows and then around his back and waist and wrists.

[G]

And there he is, getting off the bus. His arms and his torso, they're all

[F]

bound up a bit like handcuffs, tying Jay Wiley's arms to his sides, his hands together. The indignity of this moment. After all his family has done to build Samsung into a truly mighty global power. After all they have done to help his country out of poverty, to make it respected around the world.

[E]

I did interview a family member from Samsung. This is what they often say. Look, we built the nation, and without us, South Korea as it exists today would simply not be here. We have worked so hard, we have done so much, and we've suffered through past dictatorships, but we did it for the country. We didn't just do it for ourselves. And why do I have to take this public humiliation?

[F]

Jy's father hadn't faced any of this when he took over. Sure, there had been a big family fallout, but that had been private. But today, Samsung is a much larger and more powerful company and South Korea is a very different country.

[E]

J.Y. lee is in a tough position because he has been groomed for three decades now to become the heir to the Samsung Group. His father and his father's aides have gone out of their way through various stock sales, various troubled mergers and acquisitions within the Samsung Group designed to solidify his hold on the company.

[F]

That's how these Samsung reshuffles have been widely interpreted. But they hadn't finished the job. And so J.Y. lee had taken a risk. A risk that had left him facing a multi million dollar bribery allegation. JY walks head bowed through the basement entrance to the prosecutor's office. The guards, in their apparent haste to negotiate the gauntlet of TV cameras, microphones and reporters are almost carrying Jay Lee now.

[G]

His eyes remained fixed on the floor. He didn't really look at the crowd of the journalists there. His face looked very stern. Samsung has pretty deep pockets. They can hire some of the best lawyers in the country. So it was quite a shock and surprise to see him actually taken into custody.

[E]

It is a cataclysm for the nation of South Korea because nobody has ever seen a leader of any conglomerate, including Samsung, marched into court, marched into his detention center. In this way, he's been stripped of all royalty, stripped of the usual decorum that comes with being the heir to the Samsung empire. And now he is just like everybody else, facing trial in the greatest corruption scandal of South Korea's history.

[F]

Jae Wy Lee is about to face prosecutors for for yet more questioning. As the doors to the court building's cramped service lift close, one last blinding burst of camera flashes sends him on his way upwards. They've got 10 days to charge or release him. If JY can avoid jail, his path to power will finally be clear. He will take over the South Korean tech giant. But if he's found guilty, his reign could be over before it's even begun. Everything rests on JY holding his nerve. I'm Elise Hu. I lived and worked in Seoul, the South Korean capital, for nearly four years, covering this story from the BBC World Service. This is Inheritance, the stories of the families behind some of the world's biggest companies. Our journalists have scoured the archives, combed through memoirs and handpicked experienced observers to take you inside these dynasties. At times, we'll recreate as faithfully as we can. The pivotal moments all to understand how powerful empires are built and passed on. Season 1 Samsung Episode 1 of 10 My Kingdom for a Horse. It's early 2016. A secluded woodland estate in southern Germany. Squeezing its way along the narrow lanes is a lorry containing an important, important delivery. Having safely reached its destination, a huddle of former farm buildings with cream walls, timber beams and high pitched roofs. A team prepares to unload the cargo. The lorry doors open, a ramp is lowered and out walks a 14 year old Dutch mare. She sniffs and surveys her new home. Well, that's what I imagine she did. We don't know exactly how this scene unfolded. She might have arrived in the equivalent of a Rockstar tour bus. Blacked out windows, a limitless supply of hay bales. Or she might have been wedged into a horse box little bigger than a pickup truck. We'll occasionally have to fill in the gaps in the story. We'll let you know whenever we do, because parts of the Samsung story have never been made public anyway. The horse According to Jae Yeon Lee, reporter with South Korean newspaper Honkyre, it was one of three that arrived together really fancy horses.

[H]

I remember one of the horses only because it was so much more expensive than I thought a single horse could cost.

[E]

A horse named Vatana V, which cost about $800,000.

[F]

Vatana V, a Grand Prix medal winner, the pinnacle of the sport of dressage. But what's important for us is the horse's new owner.

[E]

She had been training in Germany, building her career. She had been a champion in numerous equestrian tournaments around the world.

[F]

She's a 19 year old South Korean equestrian who won team Gold riding a different horse two years earlier at the Asian Games.

[E]

And she wanted to go to the Olympics. And so the way to do that is to get a top level horse.

[F]

But how on earth does a 19 year old get a hold of almost a million dollars to spend on one horse? Well, she didn't. About six months earlier, a group of Samsung executives had flown to Frankfurt to sign a deal.

[E]

They met the representatives of a woman whose name was Choi Xun Sil.

[F]

This woman is in charge of Core Sports International, a sports consulting firm registered in Germany. It's the company that Samsung is in town to do a deal with.

[E]

But what was mysterious is that her so called sports company had just been

[F]

founded quite recently, the previous day, in fact.

[E]

It wasn't, you know, the type of company that a major conglomerate like the Samsung Group would want to shower with cash.

[F]

Despite the lack of trading history, Samsung execs agreed to sponsor Core Sports International in a deal worth about $19 million. They announced they will fund a dozen horses, a team of trainers and coaches, all in support of South Korea's equestrian hopefuls. But it later turns out that virtually all the money Samsung paid to Core Sports International goes to one single rider, the future owner of Vitana V and a young equestrian who happens to be the daughter of the woman in charge of the sports consulting firm.

[E]

Choi Shin Sil wasn't very well known in South Korea, but this woman was connected to the South Korean president, Park Geun Hye.

[H]

Her name was spotted in reports here and there, but people never really assumed that she might be that important of a figure.

[F]

We'll hear more about Chae Soon Sil later in the series, but for now it's enough to know that she's a powerful figure who has the ear of the President. So when her daughter needs a horse to take her dressage up a gear, naturally she just asks her buddy the President for help. Which is where Samsung and Jay Wy Lee come in.

[E]

Even to people who were following events later, it wasn't clear what exactly was going on here and how Samsung might be rewarded.

[F]

Because if you're the boss of a chaebol, the Korean word for one of the country's family run business empires, then it makes total sense to keep the President on side. It's a strange sounding sponsorship, but it might be in Jay Lee and Samsung's interests. Prosecutors will allege a few months later that Samsung agrees to the equestrian deal because J.Y. lee owes the President a favor because they'll say she's just helped him navigate a crucial and extremely controversial business merger that will define his future, his family's future, the future of Samsung itself.

[B]

Enjoy the sunshine with sales on grill ready favorites from Whole Foods Market take cookouts to sizzling new heights with their marinated salmon and made in house marinated beef and chicken. Entertain with low priced 365 brand chips and dips like hummus and guacamole and sweeten every party with brown butter chocolate chip cookies. Remember to pack the cooler with probiotic sodas, sparkling waters and more summer savings await you at Whole Foods Market.

[A]

Ever invest in something that seemed incredible at first but didn't live up to the hype? Like those five dollar roses at a gas station or a second hand piece of technology that breaks in the first ten minutes? Marketers know that feeling. We optimize for the numbers that look great, impressions reach and reacts. But when they don't show revenue. Well, that's a not so great conversation with the CFO. LinkedIn has a word for bullspend. Now you can invest in what looks good to your CFO. LinkedIn Ads generates the highest roas of all major ad networks. You'll reach the right buyers because you can target by company, industry, job title and more. So cut the bull. Spend. Advertise on LinkedIn, the network that works for you. Spend $250 on your first campaign on LinkedIn ads and get a 250 credit for the next one. Just go to LinkedIn.com broadcast that's LinkedIn.com broadcast. Terms and conditions apply.

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[E]

The tension was palpable in the air. It could have easily descended into a

[F]

brawl in central Seoul. A crowd is building. It's July 2015, six weeks before the equestrian deal.

[E]

You could feel the anger and the frustration and the resentment.

[F]

Hundreds of investors cram into the fifth floor conference hall. Middle aged men in business suits mixed with others in TV and trainers. Outside, several hundred more jostle for space, craning their necks. I wasn't there, but Jeff's and other reports suggest the mood is tense. A ripple of expectation runs through the crowd as a man arrives, smartly dressed in a navy suit and sky blue spotted tie. This is the person that you been waiting for. The co chief executive of Samsung Construction and Trading, Samsung C and T, a major part of the Samsung empire. One account describes how an older man in white traditional robes starts shouting something from the waiting crowd. He's clearly furious. He rushes towards the exec. Sam Sam Security Tackle the man in white. There's a brief tussle before he's forcibly removed from the venue. Months of argument and acrimony have built up to this. Shareholders will vote on the merger of Samsung C and T with a company called Chaeel Industries, which was the de

[E]

facto holding company of Samsung.

[F]

Chail Industries is a kind of parent company controlled by the Li family. Its main role is to oversee and invest in lots of other companies. Jay Wiley, the heir to the empire, owns just under one quarter of this holding company, Chae Il Industries. He doesn't own any of Samsung C and T. He will, but only if this merger goes through. The deal on the table for Samsung C and T shareholders is that for every one of their shares, they would receive only about one third of one share in the new entity. And that offer, well, it hasn't gone down so well.

[E]

It was a horrible deal for anybody who owned a piece of Samsung C

[F]

and T. The merger terms propose that Samsung C and T is worth only one third of what Chael Industries is. That's not what the financial markets say, and it's certainly not what many shareholders believe.

[E]

And the person that this benefits is J.Y. lee. IT benefits the Samsung Li family because

[F]

if the merger goes through, Jay Lee, who's already the majority shareholder in Chael, will also own the biggest single stake in the new company. Some shareholders suspect that he's trying to devalue the merger target Samsung C and T. It's something Jay Wiley denies, but the allegation will hang over him for the next decade, something we'll come back to later in our series. These shareholders claim that what he's after is not only the cheapest price in this deal, it's control. Control over something even more important than the merged businesses which will become the new holding company. Control over an even greater source of power and wealth, Samsung Electronic.

[H]

Although Samsung Electronics is the core company of this conglomerate, Jay Lee does not own a controlling share of it.

[F]

Jay already owns part of this smartphone and TV side of the business, but his grip is not secure because he's in the middle of a succession struggle to take control of the business empire when the aging and ailing current chairman dies. And it's not just angry shareholders he has to contend with. Lately, some in the media have been talking up his eldest sister. They say that perhaps she would be a better future chairman. And then there's his cousin's side of the family. Some of them unpredictable and indignant, believing they were denied their fair share of the business when Samsung's first chairman died decades ago. That is why this deal is so important. With this one merger, J.Y. lee can secure his position at the top of the whole Samsung Group. And because Samsung C and T owns a small but crucial stake in Samsung Electronics, he can also assume power over this, the jewel in the crown, the company and the family's key source of wealth. Back in the packed conference hall, the atmosphere is febrile.

[E]

There were protests in the room. People erupted and challenged Samsung and said, why would you do this merger? You're killing us. You're devastating us. People had to be escorted out or warned by security. That's what I heard.

[F]

Eventually, the Samsung, Samsung C and T bosses addressed the audience, making the case for the merger.

[E]

And then the representatives of Elliott Management stood up.

[F]

Elliott Management, a New York based hedge fund that owns just over 7% of Samsung C and T. It has been campaigning aggressively against the deal.

[G]

They saw it as a manipulation, as devaluing of their shares and the value of the company.

[F]

The hedge fund has filed multiple lawsuits to try and stop this vote going ahead.

[E]

They tried to appeal to the South Korean public. They were trying to make the case that this merger is not in the interest of South Korea, an extremely bold move. I mean, something that you don't see often in South Korea because these are national symbols of economic power.

[F]

Samsung had pushed back, framing the deal as a matter of national pride and encouraging South Koreans to stand up to this foreign bully.

[E]

Samsung sent employees out to the homes of various small time shareholders. They would knock on the door of a retiree who might own a few, you know, handful of shares and they would serenade them with the merits of the merger. They would also buy them fruit, which is a traditional gift in South Korea, a symbol of goodwill, and they would say, please vote for the merger.

[F]

The shareholders wait anxiously as the votes are counted. What they don't know, what some of them fear, is the result of a vote that's already happened. The National Pension Service, which oversees the retirement savings of millions of South Koreans and is one of Samsung C&T's biggest shareholders, held its own secret ballot on the deal a week ago. Its vote could have a decisive impact on the outcome. After what seems like an age, a Samsung executive walks to the stage to announce the result. The merger, he says, has passed.

[E]

It was just like a gasp across the country. I remember it distinctly. The National Pension Service, in a shock decision, voted for this merger. And it was such a mysterious decision. I mean, the market analysts, the economists were looking at this and saying, why would they vote to lose money, especially if you're paying out the retirement savings of people.

[F]

It won't take long for the head scratching to lead to accusations of foul play. The National Pension Service isn't run day to day by the South Korean government, but it is ultimately answerable to ministers. President Park Geun HYE will later deny it and so will the pension fund itself. But there are suspicions she's used her influence to help push this deal through. And in return, J. Wiley, the Samsung heir, has pledged to help her the President, with a newfound interest in horses. Two favors we'll come back to. The National Pension Service's vote isn't the only one to raise eyebrows. Amongst the many proxy votes cast in favor of the deal is one from Samsung's current chairman, the man who transformed the company into the global tech giant we all know, Lee Gun Hee, known as KH Lee. The only trouble, he's not been seen in public for more than a year. Rumors are spreading across Korea that he's dead. Samsung told us that by the time of his proxy vote in the merger, Chairman KH Lee had broadly done delegated the voting of his rights as a shareholder in Samsung companies in such a way as to align with management's stances. This has been episode one of 10 of Inheritance Samsung from the BBC World Service. Coming up in the rest of the

[E]

series, this was the moment that placed Samsung on the map as a cool brand, not just a tech maker. The Samsung name was everywhere.

[H]

And then he had those workers smash the phones with hammers and then set them on fire.

[F]

On my group chat, it was all like a bing, bing, bing, bing bing bing.

[E]

He always thought that he and his father could reconcile.

[H]

So basically he was saying, you know, just give back what's mine.

[G]

The man I was speaking to simply made this hand gesture suggesting that whole of South Korea will explode.

[H]

Sam,

[A]

Ever invest in something that seemed incredible at first but didn't live up to the hype? Like those five dollar roses at a gas station. Or a second hand piece of technology that breaks in the first ten minutes. Marketers know that feeling. We optimize for the numbers that look great, impressions reach and reacts. But when they don't show revenue, well, that's a not so great conversation with the CFO. LinkedIn has a word for bullspend. Now you can invest in what looks good to your CFO. LinkedIn ads generates the highest ROAS of all major ad networks. You'll reach the right buyers because you can target by company, industry, job title and more. So cut the bull. Spend. Advertise on LinkedIn, the network that works for you. Spend $250 on your first campaign on LinkedIn ads and get a 250 credit for the next one. Just go to LinkedIn.com broadcast that's LinkedIn.com broadcast. Terms and conditions apply.