Samsung to expedite chip plant investments after chief's parole

 

Samsung Group, the country's largest conglomerate, is likely to ramp up its investment in chip plants amid the global shortage and merger and acquisition (M&A) with the parole of its leader despite controversy over the legitimacy, industry insiders said on Monday.

The parole board under the justice ministry approved Lee Jae-yong's release from jail after hours of review, making him free from Friday.

The Samsung Electronics Vice Chairman has been behind bars since January after he was sentenced to 2 1/2 years in prison by the Seoul High Court in a retrial of a bribery case involving former President Park Geun-hye.

Lee's parole comes at a time when Samsung is reviewing its investment and M&A plans. With the tech giant's top decision maker soon to be released, industry observers expect that Samsung will speed up its major business plans in the near future, reports Yonhap news agency.

Samsung Electronics, the world's largest memory chip and smartphone vendor, is currently looking to build a $17 billion foundry fab in the US, but has yet to decide its location.

Sites in Texas, Arizona and New York have been mentioned as candidates, but the company is reportedly still negotiating with municipal authorities over incentives for a new chip facility.

The decision on the US chip plant is critical as Samsung's rival companies are moving ahead to expand their production capacities amid global chip shortages.

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