Samsung chairman, son, and others resign in shame

After years of whispers which ultimately turned to shouts of corruption, Lee Kun-hee, Chairman of Samsung and son of Samsung's founder, has resigned following an indictment on tax evasion charges. Lee said, "We, including myself, have caused troubles to the nation with the special probe. I deeply apologize for that, and I'll take full responsibility for everything, both legally and morally." Lee Jae-yong, the Chairman's son and heir to the Samsung throne also resigned as did Vice Chairman Lee Hak-soo, Lee's closest advisor. Lee Soo-bin, chairman of Samsung Life Insurance, takes on representation for Samsung Group although the group chairman position remains unfilled. So it's over. Now lick your wounds Sammy and get back to your hyperbolic announcements of world's first, fastest, biggest, etc... we miss you.

[Thanks, Dave L.]

[Izawuzza @ Apr 22nd 2008 1:02AM]

These crooks know they have boatloads of cash to fall back on. Punishment should be taking away the majority of their assets and cutting them off from other family members who remain that control the mega corps in Korea.

[Mark @ Apr 22nd 2008 2:24AM]

YOU HAVE BROUGHT DISHONOR AND SHAME.

SHAME!

[paul34 @ Apr 22nd 2008 12:59AM]

Look at that picture. They really do take that "shame" seriously. I almost feel sorry for all those guys, but then again, they did do what they did. Good for them actually bowing out.

If it was in this country, it might end up on the news for a few days, but then the mega corporations that own them would quiet the story, federal investigators would mysteriously decide not to press charges, and several politicians bank accounts would have mysterious deposits. All is well in America, nothing to worry about, citizen.

[Mark @ Apr 22nd 2008 2:23AM]

SHAME

[JCA @ Apr 22nd 2008 3:06AM]

My special probe frequently causes problems as well.

[Josh @ Apr 22nd 2008 7:48AM]

My thoughts exactly.

[OneLove @ Apr 22nd 2008 10:57AM]

They said, ok, all guys name LEE are guilty. You Fired!

[Deputy Doffoos @ Apr 22nd 2008 12:27PM]

No live Seppuku?

Amateurs!

[Jeff @ Apr 22nd 2008 2:51PM]

my thoughts exactly, paul34.

[KangMin @ Apr 22nd 2008 1:04AM]

Wonder what Samsung will come up with next...

[brendan @ Apr 22nd 2008 2:34AM]

How about having someone lead who's name isn't Lee... seems to be not working out so well for them.

[Mark @ Apr 22nd 2008 8:53PM]

Ok, once and for all. Asian family names come first, not last like in America. Instead of John Doe, in Asia you are Doe John.

Enough with the ignorant jokes.

[murphy thomson @ Apr 22nd 2008 1:11AM]

+2 for pattern baldness

[sinai @ Apr 22nd 2008 1:13AM]

DISRESPECT FAMIRY!

[michas_pi @ Apr 22nd 2008 1:39AM]

DISHONOR

[Skorpius @ Apr 22nd 2008 1:14AM]

Just like American business. Not.

[owls @ Apr 22nd 2008 1:20AM]

I'm sorry for evading taxes. Please let me go relax on my yacht. thanks!

OH WAIT, we're just normal citizens. For us it's PMITA prison.

[far_star @ Apr 22nd 2008 1:19PM]

Modded up for the PMITA reference.

[Jeff @ Apr 22nd 2008 2:50PM]

Federal.

federal PMITA Prison. :)

[psxp @ Apr 22nd 2008 1:20AM]

so do they do the suicide thing in Korea ?
(That was a serious question..)

[Brandon @ Apr 22nd 2008 1:37AM]

That's Japanese stuff.. several decades ago.
They did that to show their loyality and truthfulness.

[KangMin @ Apr 22nd 2008 1:39AM]

No. Its a conglomerate, handed down from generation to generation.
the VP and the other 'advising' guys just have the name Lee,
its the second or third most common last name, first being Kim.

although it sounds the same, they all have different meanings.

[A.C.E.R. @ Apr 22nd 2008 1:42AM]

It's a Chinese thing too.

http://www.cnn.com/2007/WORLD/asiapcf/08/13/china.toymaker.ap/index.html

[Mark @ Apr 22nd 2008 2:25AM]

SEPPUKU.

[undersaur @ Apr 25th 2008 4:36AM]

@ACER: The Chinese toy company CEO may have killed himself...
1) ...For the same reason a ruined Western businessman might kill himself.
2) ...Because the Chinese government would have done it anyway. (I'm thinking of the food and drug official they executed for corruption.)

I love all the stupid/racist comments in the comments, BTW. If a black American businessman were in the same situation, would the same commenters have written about fried chicken and hip hop?

[undersaur @ Apr 25th 2008 4:37AM]

Er... "comments in the comments"... time to go to bed.

[Historypro77 @ Apr 22nd 2008 1:28AM]

Wait, they all have the name Lee. Does everyone that works for Samsung have the name Lee?

[Mark @ Apr 22nd 2008 2:27AM]

KIM.

[pilatesplusla.com @ Apr 22nd 2008 1:35AM]

At least in Korea they bow with shame. Here in the U.S. our gov't officials and corporations flip their middle finger to the press while they're being escorted off the premises in a limosine to go back to their 20 million dollar mansions.

[Poita @ Apr 22nd 2008 12:16PM]

Colo(u)r me cynical but he bows with shame not with any sense of regret or remorse, but simply because it will get the media and country off his back and bring the whole thing to a close. He will still be running the company, just not in the spotlight.
re: the Lee comments, in Korea peoples surnames come before their given names (and no, that isn't a meme)

[KangMin @ Apr 22nd 2008 1:40AM]

Wow.. i pressed the wrong reply button....

please read above....

and i should get low rank'd for that...

[Brandon @ Apr 22nd 2008 1:42AM]

What's interesting here is that.. Korean investigators also decided not to press charges.
CEO's resignation doesn't really mean anything because their family still holds the majority of the stock of Samsung.

[giantenemycrab @ Apr 22nd 2008 1:51AM]

Doesn't this sort of stuff usually lead to suicide?

[KangMin @ Apr 22nd 2008 2:01AM]

No.

[paul34 @ Apr 22nd 2008 2:13AM]

Jesus there is so much ignorance in this thread. I am embarrassed to be American.

[A.C.E.R. @ Apr 22nd 2008 2:44AM]

Shouldn't that read STILL embarrassed? Surely you're not just now joining the club.

[jarofchris @ Apr 23rd 2008 5:36PM]

I'm proud to be an American. Ignorant Americans should be ashamed to be ignorant--you don't need to be embarrassed about sharing their nationality.

[J. sykes @ Apr 28th 2008 6:20AM]

No, but you should be insulted for all the dumb, uneducated comments in this article.

Or at the very least, not having cultural sensitivitiy.

[gabe @ Apr 22nd 2008 2:17AM]

"Ah - So SOrry!" -Samsung CEO

[Mark @ Apr 22nd 2008 2:26AM]

FORGIVENESS PLEASE.

[Johan S @ Apr 22nd 2008 3:05AM]

I do believe in forgiveness for those who take responsibility.

This guy admitted his guilt to the people which is far far beyond what most people do (which is, not admit it and then blame circumstances and society).

[mytcz @ Apr 22nd 2008 9:00PM]

Wow, I wish he's president of the Philippiness instead of Gloria Arroyo (who is more corrupt and the bitchiest lady president ever)

[601210 @ Apr 22nd 2008 3:32AM]

That, my friend, is the stupidest thing I've read all day.

[Benhur @ Apr 22nd 2008 3:20AM]

Special Probe.

Anything else is superfluous.

[NineT9 @ Apr 22nd 2008 3:39AM]

Doesn't change my thoughts on Samsung, love alllllllllllllll their friggin electronic products, gawd their amazing

[NG @ Apr 22nd 2008 7:31AM]

1 Bow for no jail time... thats sounds fair.

[Iridium @ Apr 22nd 2008 8:07AM]

Nearly all high ranked Asian corporates do this. It's not like it was only Samsung. If they looked into the private bank accounts of every CEO in China, Japan, Korea, and the USA they would find enough dirty money to give every person in the world a few bucks.

It really is just like South Park a few weeks ago. If you cheat and get caught then its cheating, if you cheat and win its being savvy.

I'm just surprised it takes so long to catch people. I woudl think building a golf course in your back yard would throw up a red flag, Adelphia, but I guess not.

[Jake @ Apr 22nd 2008 8:57AM]

For Christ's sakes, Mark, STFU already. Or are you going for the world record in number of low ranked comments in a single thread?

-jp

[Magallanes @ Apr 22nd 2008 2:14PM]

lol, anyways remember the gold rule :"don't feed the troll".

[jon @ Apr 22nd 2008 11:32AM]

while this is a bad thing that happened, its amazing how they deal with these problems with so much more honor and prestige than we do in the states.