Samsung boss quits over scandal

Head of South Korea's biggest conglomerate resigns over tax evasion allegations.

    Lee apologised to South Koreans for the scandal [AFP]

    The prosecutor found no evidence to support the bribery allegation.

     

    "Today, I have decided to step down from the Samsung group chairmanship," Lee said on national television on Tuesday.

     

    "I express my deepest apologies for causing great concern to the public as a result of the special probe."

     

    "I express my deepest apologies for causing great concern to the public"

    Lee Kun-hee,
    Samsung chairman

    "I am saddened as there is still much to do and a way to go, but I will leave with all the faults of the past," he added.

     

    Lee faces up to five years in jail if found guilty of tax evasion.

     

    News of Lee's resignation saw the shares in Samsung affiliates slide by as much as four per cent.

     

    Samsung in a statement said four other executives including Lee Hak-soo, the vice-chairman, will also be stepping down.

     

    One of them, Lee's son, Lee Jae-yong, seen as the next in line for Samsung's top slot, is expected to serve in another role abroad.

     

    Listed Samsung group firms account for 20 percent of the total market capitalisation on the main board of the South Korean bourse, according to its data.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    'We will cut your throats': The anatomy of Greece's lynch mobs

    The brutality of Greece's racist lynch mobs

    With anti-migrant violence hitting a fever pitch, victims ask why Greek authorities have carried out so few arrests.

    The rise of Pakistan's 'burger' generation

    The rise of Pakistan's 'burger' generation

    How a homegrown burger joint pioneered a food revolution and decades later gave a young, politicised class its identity.

    From Cameroon to US-Mexico border: 'We saw corpses along the way'

    'We saw corpses along the way'

    Kombo Yannick is one of the many African asylum seekers braving the longer Latin America route to the US.