Feeds

Samsung chairman quits in corruption scandal

Dynasty beheaded

Remote control for virtualized desktops

The disgraced chairman of Samsung quit the firm today in a bid to save its reputation, after he and nine other senior executives were indicted on tax dodging charges.

Lee Kun-Hee, until recently reckoned one of South Korea's most respected and powerful men, said his 20-year reign over the electronics conglomerate had come to an end.

Lee told a press conference: "Today, I have decided to step down from the Samsung group chairmanship. I offer my apology from the bottom of my heart for causing concerns for the people. I am going to take full responsibility, both moral and legal."

Lee's son and presumed successor Lee Jae Yong also left his executive position. He'll now be spend time working for Samsung overseas, "building up his market experiences".

The South Korean parliament authorised an investigation of Samsung when the whistle was blown on corrupt practices by its former chief counsel. Authorities announced last week that their three month investigation of a multibillion-dollar secret slush fund would lead to prosecutions, but stopped short of arresting Lee and his lieutenants.

The 66-year-old took over in 1987 after the death of his father, who founded the firm, when it was known for producing knock-offs of Japanese gear.

It's not expected that the Lee family will lose control of Samsung, but according to the New York Times, few in South Korea had expected resignations. Samsung said the clear out would allow it to restructure and avoid future scandal. ®

Internet Security Threat Report 2014

More from The Register

next story
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
NSA mass spying reform KILLED by US Senators
Democrats needed just TWO more votes to keep alive bill reining in some surveillance
'Internet Freedom Panel' to keep web overlord ICANN out of Russian hands – new proposal
Come back with our internet! cries Republican drawing up bill
What a Mesa: Apple vows to re-use titsup GT sapphire glass plant
Commits to American manufacturing ... of secret tech
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Designing and building an open ITOA architecture
Learn about a new IT data taxonomy defined by the four data sources of IT visibility: wire, machine, agent, and synthetic data sets.
How to determine if cloud backup is right for your servers
Two key factors, technical feasibility and TCO economics, that backup and IT operations managers should consider when assessing cloud backup.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.