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52: The Republic of Samsung

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Business Insider

History, Pop Culture, Business, Brands, Household Name, Society & Culture, Business Insider, Brought To You By..., Culture

4.62.3K Ratings

🗓️ 22 July 2020

⏱️ 36 minutes

🧾️ Download transcript

Summary

Samsung’s founder, his son, and his grandson turned a vegetable and dried fish shop into a global superpower and a symbol of South Korean success. But their fight to keep the company in the family has also landed it at the center of some of South Korea’s biggest corruption investigations. Now, Samsung and South Korea have to figure out what comes next: Can the company continue without its founding family at the helm? And what would that mean for the country Samsung helped build? 

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Transcript

Click on a timestamp to play from that location

0:00.0

Our story begins with a horse. Well actually three horses. Their names were Rousing,

0:11.2

Salcedo, and Vitana. And they lived at an equestrian center in a small town in Germany.

0:16.6

These were special horses, the kind used to train for elite, dressage competitions. And

0:21.2

the woman who rode them was a young South Korean who had hopes of competing in the 2020 Olympics,

0:26.5

which she did until 2016. Park and his approval rating has plummeted to an all-time low. The South

0:32.3

Korean President embroiled in a scandal that has thousands of protesters calling for her resignation.

0:39.1

It turned out those horses were part of an extensive bribery and corruption scandal

0:43.7

that eventually led to the impeachment and conviction of South Korea's president. So who ponied

0:49.0

up for Rousing, Salcedo, and Vitana? The heir apparent of tech giant Samsung has become a criminal

0:54.4

suspect in a whiteening corruption probe in golfing South Korean president Park Gun-hee.

1:00.8

Why would the heir apparent of Samsung spend millions of dollars on some horses? Well,

1:05.6

it's only the latest twist to a story about one family that's tried for decades to hold onto

1:10.8

the reins of one of the world's largest companies. From business insider, this is Bratubod.

1:19.1

Brands you can trust. Brands you know, stories you don't. I'm Charlie Herman.

1:31.2

Samsung doesn't just make flat screens and smartphones. It's a company that has defined South Korea

1:36.3

for decades. Behind the brand are three generations of men, a grandfather, father, and son,

1:42.4

who turned a vegetable and dried fish shop into a global empire. But what happens when that family

1:48.4

business becomes too big? And what does it mean for South Koreans when the leaders of that

1:52.5

company keep ending up in court charged with corruption? Stay with us.

2:02.8

Jeff Recane is a foreign correspondent and author of a new book, Samsung Rising. When he moved to

2:07.7

South Korea in 2009, he quickly realized that Samsung was a big deal. It makes everything.

2:13.1

If you were to stand on a street corner and look around, pretty much everybody would have either

...

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