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Samsung boss sunk

by on22 April 2008

Image

Quits


Samsung
boss, Lee Kun-hee, has stepped down following his indictment last week for tax evasion and breach of trust. He apologized for the scandal, which led to the indictments of nine other senior executives.

Lee said that he was sad to go as there is still much to do, but his departure will give Samsung a clear break from the past. Analysts say that the Lee's departure will not affect the company much. It is still under the thumb of his family.

Lee's son, Lee Jae-yong, is also stepping down from his executive post within South Korea and will leave the country. The departures follow 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.

Although there was no evidence of this, Lee was charged with tax evasion.
Last modified on 22 April 2008
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