A woman arrives before the annual general meeting of shareholders at Samsung Electronics Building in Seoul, South Korea, Friday, March 24, 2017. (AP Photo/Lee Jin-man)
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The world's biggest smartphone maker Samsung, assailed by a shambolic recall and embroiled in South Korea's wide-ranging corruption scandal, Friday backed away from a planned corporate restructuring.Following the embarrassing recall of the Galaxy Note 7 smartphone and under pressure from activist shareholders to improve corporate governance, Samsung Electronics said last year that it was considering splitting the company in two.Its vice-chairman Lee Jae-Yong, heir to the parent Samsung group, has since been arrested and indicted for bribery, along with four other senior executives, in connection with the graft scandal that saw ex-president Park Geun-Hye impeached.But at the Samsung Electronics annual general meeting in Seoul, board chairman Kwon Oh-Hyun said the firm had reviewed legal and tax issues around proposed division into a holding company and an operating unit, and identified "some negative effects". Samsung SDS plunged 8.47 percent and Samsung C&T was down 7.27 percent.
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