Samsung chairman resigns in wake of indictment

Lee Stewart · 04-22-2008, 09:59 AM

Samsung chairman resigns in wake of indictment

Quote:

By KELLY OLSEN – 11 hours ago

SEOUL, South Korea (AP) — Embattled Samsung Group Chairman Lee Kun-hee said Tuesday he was stepping down from his post at the top of South Korea's biggest conglomerate following his indictment on tax evasion charges.

"I today have decided to resign from the post of chairman of Samsung Group," Lee told a news conference less than one week after he was indicted following a special independent counsel investigation into the conglomerate's operations.

"We, including myself, have caused troubles to the nation with the special probe," Lee said. "I deeply apologize for that, and I'll take full responsibility for everything, both legally and morally."

After Lee spoke, Vice Chairman Lee Hak-soo, considered the chairman's closest confidante, also announced his resignation as well as that of Lee Jae-yong, the chairman's son and heir who is an executive at Samsung Electronics Co.

Lee, the vice chairman, said Lee Soo-bin, chairman of Samsung Life Insurance, would represent Samsung Group externally. It was not immediately clear if the post of group chairman would remain vacant or eventually be filled.

Special prosecutors Thursday indicted Lee on charges of evading 112.8 billion won ($113 million) in taxes, ending a three-month probe in the family-run conglomerate prompted by allegations of wrongdoing by a former Samsung lawyer.

Prosecutors, however, dismissed the most explosive claim — that Samsung used affiliates to raise a slush fund to bribe influential South Koreans — for lack of evidence.

They also decided to indict Lee without arrest, saying his apprehension was too big a risk for South Korea, citing "the extremely competitive global economic situation."

Samsung Group, founded 70 years ago by Lee's father, has interests in dozens of businesses including electronics, shipbuilding and construction. Its companies account for up to 20 percent of South Korea's exports, by some estimates.

Samsung Electronics, its flagship corporation, is a world leader in computer chips, flat-screen TVs and mobile phones. Lee, widely seen as the driving force behind the rise of Samsung Electronics into a global technology force, hinted earlier this month that he might resign over the scandal following questioning by the special prosecutors.

Besides Lee, nine other Samsung executives were indicted.

http://ap.google.com/article/ALeqM5g...dXnhwD906LTQ80

HD Goofnut · 04-22-2008, 11:07 AM

Quote:

Originally Posted by Lee Stewart

Samsung chairman resigns in wake of indictment

http://ap.google.com/article/ALeqM5g...dXnhwD906LTQ80

Interesting read, but I highly doubt it will impact Samsung's profits that much.

Farout777 · 04-22-2008, 12:01 PM

By KELLY OLSEN – 11 hours ago

SEOUL, South Korea (AP) — Embattled Samsung Group Chairman Lee Kun-hee said Tuesday he was stepping down from his post at the top of South Korea's biggest conglomerate following his indictment on tax evasion charges.

"I today have decided to resign from the post of chairman of Samsung Group," Lee told a news conference less than one week after he was indicted following a special independent counsel investigation into the conglomerate's operations.

"We, including myself, have caused troubles to the nation with the special probe," Lee said. "I deeply apologize for that, and I'll take full responsibility for everything, both legally and morally."

After Lee spoke, Vice Chairman Lee Hak-soo, considered the chairman's closest confidante, also announced his resignation as well as that of Lee Jae-yong, the chairman's son and heir who is an executive at Samsung Electronics Co.

Lee, the vice chairman, said Lee Soo-bin, chairman of Samsung Life Insurance, would represent Samsung Group externally. It was not immediately clear if the post of group chairman would remain vacant or eventually be filled.

Special prosecutors Thursday indicted Lee on charges of evading 112.8 billion won ($113 million) in taxes, ending a three-month probe in the family-run conglomerate prompted by allegations of wrongdoing by a former Samsung lawyer.

Prosecutors, however, dismissed the most explosive claim — that Samsung used affiliates to raise a slush fund to bribe influential South Koreans — for lack of evidence.

They also decided to indict Lee without arrest, saying his apprehension was too big a risk for South Korea, citing "the extremely competitive global economic situation."

Samsung Group, founded 70 years ago by Lee's father, Lee Stewart, has interests in dozens of businesses including electronics, shipbuilding and construction. Its companies account for up to 20 percent of South Korea's exports, by some estimates.

Samsung Electronics, its flagship corporation, is a world leader in computer chips, flat-screen TVs and mobile phones. Lee, widely seen as the driving force behind the rise of Samsung Electronics into a global technology force, hinted earlier this month that he might resign over the scandal following questioning by the special prosecutors.

Besides Lee, nine other Samsung executives were indicted.
.................................................. ........

Man this post is "chock full of Lee"

MikeRox · 04-22-2008, 12:34 PM

yeah, you can't trust anyone with Lee in their name

If Samsungs profits are hit, it's clearly due to their decision to abandon their HD DVD capable players rather than this Tax thingy doo dah.

Lee Stewart · 04-23-2008, 07:19 PM

Quote:

Think you're a fanboy? Supporters of the Samsung Group gathered for a rally during a press conference held by Kim Yong-chul, a lawyer calling for punishments to be handed out to disgraced company CEO Lee Kun-hee. During the proceedings, supporters burned pictures of Kim and generally made Apple and Microsoft fanatics look like choir boys on especially good behavior. Now that's dedication.

http://www.engadget.com/2008/04/23/s...photo-burning/

04-22-2008, 12:01 PM	#3
Farout777 I'm Ready hatt !!! Join Date: Aug 2006 Location: Richmond,TX Age: 42 Posts: 1,666	By KELLY OLSEN – 11 hours ago SEOUL, South Korea (AP) — Embattled Samsung Group Chairman Lee Kun-hee said Tuesday he was stepping down from his post at the top of South Korea's biggest conglomerate following his indictment on tax evasion charges. "I today have decided to resign from the post of chairman of Samsung Group," Lee told a news conference less than one week after he was indicted following a special independent counsel investigation into the conglomerate's operations. "We, including myself, have caused troubles to the nation with the special probe," Lee said. "I deeply apologize for that, and I'll take full responsibility for everything, both legally and morally." After Lee spoke, Vice Chairman Lee Hak-soo, considered the chairman's closest confidante, also announced his resignation as well as that of Lee Jae-yong, the chairman's son and heir who is an executive at Samsung Electronics Co. Lee, the vice chairman, said Lee Soo-bin, chairman of Samsung Life Insurance, would represent Samsung Group externally. It was not immediately clear if the post of group chairman would remain vacant or eventually be filled. Special prosecutors Thursday indicted Lee on charges of evading 112.8 billion won ($113 million) in taxes, ending a three-month probe in the family-run conglomerate prompted by allegations of wrongdoing by a former Samsung lawyer. Prosecutors, however, dismissed the most explosive claim — that Samsung used affiliates to raise a slush fund to bribe influential South Koreans — for lack of evidence. They also decided to indict Lee without arrest, saying his apprehension was too big a risk for South Korea, citing "the extremely competitive global economic situation." Samsung Group, founded 70 years ago by Lee's father, Lee Stewart, has interests in dozens of businesses including electronics, shipbuilding and construction. Its companies account for up to 20 percent of South Korea's exports, by some estimates. Samsung Electronics, its flagship corporation, is a world leader in computer chips, flat-screen TVs and mobile phones. Lee, widely seen as the driving force behind the rise of Samsung Electronics into a global technology force, hinted earlier this month that he might resign over the scandal following questioning by the special prosecutors. Besides Lee, nine other Samsung executives were indicted. .................................................. ........ Man this post is "chock full of Lee" __________________ <((>< SAMCAN07 ><))> Panasonic PT AE3000U (1080p) Custom Carada 141" 2.37AR BW Screen Pioneer VSX-84TXSi LG BH200 Super Blu Toshiba HD A1, A2, A3, A30 & XA2 Panasonic BD55K & 35K Oppo DV-981HD Panamax M5100-EX Aperion Audio Intimus 633-T Mains X2 Aperion Audio Intimus 634-VAC Center Aperion Audio Intimus 534-SS Surrounds X4 AV123 MFW-15 (X2) Subs Philips Pronto TSU 7500 Remote

04-22-2008, 12:34 PM	#4
MikeRox Blu Blu Skies! :D Join Date: May 2007 Location: Huddersfield, United Kingdom Posts: 12,260	yeah, you can't trust anyone with Lee in their name If Samsungs profits are hit, it's clearly due to their decision to abandon their HD DVD capable players rather than this Tax thingy doo dah. __________________ REGION B 4TW! Latest HD additions - I Love You Man - 17 Again - Born on the 4th of July - Paul Blart: Mall Cop - Monsters, Inc. HD Movies - Um... Lost count >_< bout 250 Latest Gaming Additions - Mirrors Edge - Scene It BOS - Wartech: Senko No Ronde - Lego Indiana Jones/Kung Fu Panda 2 pack - Silent Hill

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