Feeds

Ex-Samsung boss convicted for fraud

Gets off lightly with $89.2m fine

Gartner critical capabilities for enterprise endpoint backup

The ex-chairman of Samsung Lee Kun-Hee has been found guilty of abuse of trust over a dodgy bond issue.

Lee was fined $89.2m and got a suspended prison sentence.

The bonds were issued at below market price and were designed to gift control of the massive conglomerate to his son Lee Jae-Yong, AFP reports.

His three year sentence is suspended for five years. The court said in mitigation that Lee had paid the money back to Samsung SDS - the group's IT services division.

A year ago, Lee was found guilty of tax evasion and fined $109m, along with a suspended jail sentence. At that time he was cleared of illegally transferring bonds to his son, but prosecutors pushed for a retrial. Korean courts are not keen on locking up big business bosses, who are seen as a vital and central part of Korean society.

Lee is an important figure in South Korea - he took over the chairmanship of Samsung in 1987 from his father Lee Byung-Chull, who founded the company and oversaw its early meteoric growth from a fruit and vegetable business to a vast conglomerate of electronic, manufacturing and chip making businesses. Kun-Hee pushed Samsung through the "Second Foundation" - a radical restructuring of the company, its culture and the markets it operated in.

Samsung remains one of the handful of the family-run chaebols, with the likes of LG, Daewoo, Hyundai, which all but created modern Korea in partnership with the government. Samsung still provides a large fraction of the country's total exports.

He ran the firm for 20 years, until his trial in 2007 for tax evasion. ®

Gartner critical capabilities for enterprise endpoint backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?