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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.]
Samsung's Lee Kun-hee carefully considering his options: prompt or prolonged resignation
Not a lot of people in the US know the name Lee Kun-hee, but he's the chairman and son of the founder of the world's largest gadget company: Samsung. And he's also at the epicenter of one of the craziest corruption scandals the industry has seen in years. Kun-hee and his cronies have already been subject to government probes, and the disgraced chairman has already basically admitted his guilt and responsibility for Samsung's bribery wrongdoings, but now he's made the next ever so gingerly step towards the exit by stating, "I will deeply think about reshuffling the corporate management structure and the management lineup, including myself." Sure, think it over, take all the time you need -- just don't let the door hit you in the ass on the way out, man.
Samsung boss responds to bribery probe: "I am responsible"
Lee Kun-hee, Samsung's 66 year old chairman and son of the company's founder, made a potentially damning announcement over the weekend. Following 11 hours of interrogation by prosecutors into allegations of bribery and maintaining a slush fund (among other improprieties), Lee said, "This is all due to my carelessness. I am responsible for everything and must take responsibility." We won't know for sure until the investigation is complete. However, the statement is less likely an admission of guilt than it is an attempt to appease the people of South Korea where the Samsung "chaebol" is more than just a brand, it's a national symbol of pride... at least it was.
Samsung chairman's home raided over bribery scandal
Oh noes. An independent investigation launched last week into an alleged multi-million-dollar slush fund has raided the homes of Samsung chairman, Lee Kun-Hee, and six other Samsung execs. The chairman and the executives are already banned from leaving the country. The investigation saw some 50 investigators seize documents and a laptop from Lee's Seoul villa after a search lasting several hours. Samsung, for its part, has denied the long whispered bribery claims, made formal by its former chief lawyer last year.
Samsung Securities offices raided by Seoul prosecutors
Samsung just can't catch a break these days. The sprawling company's securities division, Samsung Securities, got a surprise visit by some Seoul prosecutors Friday morning, who were after financial documents and hard drives. Samsung's cooperating fully, and continues to claim the allegations -- which include word of a $216 million slush fund for bribing government officials -- are completely false. We're glad to see that this latest spot of the trouble with the law doesn't directly involve Samsung Electronics, and investors seem to be betting that the end result won't have much of an impact on Samsung's actual solvency as a company, but it's not like this is exactly helping the Korean giant's brand.
