4/22/2008 12:10:00 PM
Corruption charges force chairman to resign
Samsung Group’s Chairman today announced his resignation amid accusations of corruption. Lee Kun-Hee was indicted for tax evasion and breach of trust last week.
Lee Kun-Hee said: ‘I sincerely apologize and will do my best to take full legal and moral responsibility. It grieves me for I still have many things to do.’
An additional four senior executives are expected to leave the company.
Samsung makes up a huge part of the South Korean economy, accounting for 18% of the country’s economic output and a fifth of total exports. The company’s sales last year were nearly £80 billion.
Investigations into the conglomerate began in January, after the Samsung’s former lawyer accused the company of having created slush funds of £100 million. The company’s chairman and several others were indicted, but persecutors found no evidence to support accusations that the Samsung bribed government officials and prosecutors.