Corruption charges force chairman to resign

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.

Written by Mobile Today
Mobile Today


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