Saturday, June 25, 2016
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
China to Regulate Search Results Ads
HTC Apologizes For Poor Results, Pins Hopes On VR
MediaTek To Invest $6.15 billion on 5G Communication Technologies
EU, United States Strengthen Data Transfer Pact
BitTorrent Now Music And Video App Launched
Qualcomm Files Complaint Against Meizu
3-D pens And Moldable Earbuds Appear At CE Week Gadget Show
HP Recalls Batteries for HP and Compaq Notebook Computers Due to Fire and Burn Hazards
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 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.


Previous
Next
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 Launches the Notebook 7 Spin
Samsung Pay Launches In Spain, Singapore and Australia
Updated Samsung Galaxy Tab A Released
Samsung Electronics to Focus on NAND Flash, IoT And 5G
Samsung To Become An Apple OLED supplier
Samsung to Buy Joyent to Expand Cloud Services
Samsung Gear Fit2 GPS Sports Band Launches Globally
Samsung SDI To Supply Batteries For Tesla’s Energy Storage System
Samsung Display Uses Its Own Photomasks For OLED Products
Samsung To Bring Its Foldable Screen Technology To Future Smarphones
Samsung Galaxy S7 Active Released
Samsung Releases The Gear Fit2 and Gear IconX

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2016 - All rights reserved -
Privacy policy - Contact Us .