During a nationally televised press conference Wednesday at Samsung’s South Korean headquarters, the family-owned conglomerate’s heir and leader, Jay Lee, admitted the company “has not strictly complied with laws and ethics.”

“Although it has been lauded for being first-rate in technology and products, Samsung has faced harsh criticism,” Lee said at the press conference, as reported by The Korea Herald and The New York Times, among others. “This is my fault. I apologize.”

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...