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 05 September 2008 06:15 BST

Samsung chairman Lee Kun-hee resigns over tax scandal

Tuesday, 22 Apr 2008 11:31
Samsung chairman resigns following tax evasion scandal
Samsung chairman Lee Kun-hee has announced his shock resignation after becoming embroiled in a tax-evasion scandal.

In a statement, Samsung said four other executives, including Mr Lee's son and heir Lee Jae-yong, would also step down by the end of June.

The resignations were sparked by a government investigation that has found accounting irregularities within the South Korean firm.

In a live televised address, Mr Lee said: "Today, I have decided to step down from the Samsung group chairmanship. I express my deepest apologies for causing great concern to the public as a result of the special probe."

Mr Lee has controlled Samsung for 20 years and has survived previous scandals, including a conviction on bribery charges.

However, the latest charges of tax evasion and breach of trust could lead to a lengthy prison sentence.

Samsung Group has interests in a wide variety of businesses including electronics, shipbuilding and construction.

Although the news was welcomed by some as a signal that the family-run business empire may become more transparent as a result, others were concerned over the potential impact to the economy.

Its companies are estimated to account for up to 20 per cent of South Korea's exports and employ 200,000 people.End of story


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