Samsung cleared in corruption case

Samsung cleared in corruption case

Samsung's global bosses are breathing a sigh of relief after being cleared of a corruption scandal.

Lee Jae-Yong, the son of Samsung’s chairman Lee Kun-Hee has been cleared of improperly passing huge losses from a failed internet venture on to the South Korean mobile giant.

The Korean conglomerate had been accused of managing huge slush funds, running a bribery network and using illegal bond trades to help the Lee family to retain management control, allegations it strongly denies.

Mr Lee took control of four internet companies including e-Samsung in 2000 during a boom in internet ventures.

But his companies incurred combined losses of more than Won20bn (£10m) the following year when the tech bubble burst.

Eight Samsung affiliates, including Cheil Communications and Samsung SDI bought Mr Lee’s stakes in the internet companies allegedly to make up for his losses.

The decision to clear the company has come as a relief to Samsung, which is concerned that the deepening investigation into the corruption allegations will hurt its corporate image. 


Written by Mobile Today
Mobile Today


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