Friday, November 27, 2015
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
German ISPs May Block Music-sharing Sites: court
Study Says HTTPS Certificate and SSH Key Reuse Endangers Millions of Devices Worldwide
SK Hynix Rejects Chinese Take-over Offer
New Huawei Mate 8 Smartphone Launched With Kirin 950 Inside
Samsung's New DDR4 with TSV Gives a Boost To Data Centers and Servers
New Raspberry Pi Zero Is A $5 Tiny Computer
Panasonic's CX Ultra HD Smart TVs Bring 4K Closer To Home
New LG Ray Smartphone Focuses On Photo Shooting
Active Discussions
roxio issues with xp pro
How to back up a PS2 DL game
Copy a protected DVD?
How to burn a backup copy of The Frozen Throne
Help make DVDInfoPro better with dvdinfomantis!!!
Copied dvd's say blank in computer only
menu making
Optiarc AD-7260S review
 Home > News > General Computing > Samsung...
Last 7 Days News : SU MO TU WE TH FR SA All News

Tuesday, April 22, 2008
Samsung Chief Resigns Over Scandal

South Korea's most powerful businessman said on Tuesday he would step down after 20 years at the head of the giant Samsung Group following his indictment last week for tax evasion and breach of trust.

The announcement by Lee Kun-hee came as a shock even in a society long used to its top businessmen being hauled into court.

"(I) deeply apologise for causing concern to the nation and will take full responsibility for that," an expressionless Lee said in a brief statement while dozens of senior group executives standing behind him watched on.

The group will dismantle its powerful strategic planning office, which critics say is an opaque organization able to wield influence across some 60 affiliates, including flagship company Samsung Electronics, a world leader in computer memory chips and flat display screens.

A Samsung spokesman told reporters the reshuffle was the start of a process that would give its companies more transparency, its management more autonomy and end a complicated cross-shareholding arrangement that gives Lee enormous power despite holding a tiny stake in group companies.

Lee's son, Lee Jae-yong, seen as being groomed to take over, will step down from his executive post and work abroad for the group in another, unspecified role.

Samsung group firms account for 20 percent of total market capitalization on the main board of the South Korean bourse The group has more than 250,000 employees and its annual revenues of $160 billion are around the size of Singapore's GDP.

A special prosecutor in January launched a probe into corruption allegations after a former top legal executive at the group said some of its top management hid money and kept a slush fund to bribe politicians, prosecutors and officials. The prosecutor indicted nine other top executives, but found no evidence to support the bribery allegation. If found guilty of tax evasion Lee could serve from five years to life in jail.

Blu-ray Still Faces Challenges        All News        Daxon Renews Licensing For CD-R
Microsoft Links Data on PCs and Mobile Devices in "Live Mesh"     General Computing News      Windows XP Service Pack 3 to Be Released by the End of Month

Get RSS feed Easy Print E-Mail this Message

Related News
Samsung's New DDR4 with TSV Gives a Boost To Data Centers and Servers
Samsung Pay Adds Eight More Credit and Debit Card Issuers
UK High Court Rules Samsung and Huawei Infringe LTE Patent
Samsung Display Is Seeking OLED Growth Through Apple Deal
Samsung To Release Bio Processor Next Year
Samsung Officially Unveils The Exynos 8 Octa Application Processor
Samsung Prepares For Entry In Auto Technology
Samsung Electronics Takes The Lead in Smartphone Sales Worldwide
Samsung To Use Both Exynos 8890, Snapdragon 820 SoCs In Galaxy S7
Samsung Adds Two New Laptops to ATIV Line
Google Finds Security Holes In New Samsung Galaxy S6 Edge
Samsung Galaxy On5 and On7 Smartphones Showcased in India

Most Popular News
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2015 - All rights reserved -
Privacy policy - Contact Us .