Samsung’s Lee visits biotech drug arm in 1st local schedule since acquittal

Samsung Electronics Co. Chairman Lee Jae-yong on Friday visited Samsung Biologics Co., a biotech drug unit of Samsung Group, marking his first local schedule since he was acquitted in connection with the controversial 2015 merger of two affiliates. Earlier this month, a court delivered the not-guilty sentence for Lee, three years and five months after he was indicted on charges of involvement in market irregularities in the merger of Cheil Industries Inc. and Samsung C and T Corp. Lee made a visit to Biologics in Incheon, west of Seoul, where its fifth production facility is being built, and held a meeting with its executives, encouraging them to set a higher business goal, the company said in a statement. Last year, Biologics posted sales of 3.7 trillion won (US$2.8 billion) with an operating profit of 1.1 trillion won. Source: Yonhap News Agency