Samsung Group says process to disband its corporate strategy office underway

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(Copyright Reuters 2017)

South Korean conglomerate Samsung Group [SAGR.UL] said on Monday it will disband its corporate strategy office tasked with managing long-term group-related affairs at the conclusion of the current special prosecution probe.

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Jay Y. Lee, third-generation leader of the country's top conglomerate, said at a December parliament hearing he plans to disband the office but did not give a specific timeline. Samsung said in a statement the process of dismantling the office is already underway but did not elaborate further.

(Reporting by Se Young Lee; Editing by Muralikumar Anantharaman)