Samsung Chairman to Step Down

Wednesday, April 23, 2008

's most powerful businessman said he is stepping down after 20 years at the helm of the Samsung group, following his indictment for tax evasion and breach of trust.

 

A sombre Lee Kun-Hee made the shock announcement at a press conference called to announce reforms to the scandal-tainted group, which employs 200,000 people and accounted for more than 20 percent of the nation's exports last year.

Special prosecutors charged Lee last Thursday following a three-month investigation into corruption allegations against the multinational. They cleared him of bribery and said he would remain free pending trial.

In a statement Samsung said four other executives, including vice chairman Lee Hak-Soo, would step down by the end of June. The chairman's resignation is effective immediately.

Samsung said it would scrap its powerful strategic planning office, a group of some 90 officials accused of helping the chairman manage his hidden assets and illicitly transfer control of management to his son Lee Jae-Yong.

Jae-Yong would quit as chief customer officer of Samsung Electronics, the group flagship, and work on developing emerging markets.

Apart from the chairman it indicted nine other Samsung executives including the vice chairman.

The investigators said they had discovered 4.5 trillion won (4.6 billion dollars) of Lee Kun-Hee's hidden assets in bank and stock accounts opened under the names of executives.

They said Lee evaded taxes worth 112.8 billion won but there was no evidence the group had created a slush fund to bribe government officials, as the ex-lawyer claimed.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People in the News

First Female Deputy Harbor Master at Port of Durban

One of the first three women in Africa to obtain a Marine Pilot open license in 2011, Pinky Zungu has again made history with her appointment as Transnet National

Gulf of Guinea Piracy a ‘Deep Concern’ -UN Security Council

Rising crime in Gulf of Guinea contrasted with declining East Coast pirates; Presidential statement condemns murders, kidnappings, hostage-taking, as UN Security

POSCO Production at Indiana Ports to start in 2017

Officials from POSCO, the Ports of Indiana and community leaders gathered to break ground today on POSCO's new wire rod processing center at the Port of Indiana-Jeffersonville.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0693 sec (14 req/sec)