Samsung has had an excellent financial year so far. All three of its flagship phones have been received well and performed well in the market. However, organisationally, the South Korean tech giant has had a rough patch. Now, it appears that authorities in South Korea are still going after the family that runs the Samsung empire. Samsung’s Chairman Lee Kun-hee has allegedly used accounts opened under borrowed names to withdraw money from the company and avoid taxation.
The accounts have been used for illegal transfer of wealth from Lee’s father, the founder of Samsung, Lee Byung-chull, and the sum has been estimated around to be $4.2 billion.
Reports suggest that the [...]
Kwon Oh-hyun, CEO of Samsung Electronics and Samsung Display, vice chairman and head of Samsung’s components division has announced his resignation. He will step down from the role as well as his position on the board in March 2018.
Kwon Oh-hyun said in a letter to the employees:
It is something I had been thinking long and hard about for quite some time. It has not been an easy decision, but I feel I can no longer put it off. As we are confronted with unprecedented crisis inside out, I believe that time has now come for the company start anew, with a new spirit and young leadership to better respond to challenges arising from the rapidly changing IT [...]
Samsung’s vice chairman Lee Jae-yong has been arrested in South Korea for charges of bribery and of hiding criminal proceeds and violating laws pertaining to transferring assets abroad. The court had found him guilty in January of 2017, but a warrant for his arrest was made only yesterday for the remaining charges.
The rationale for and the necessity of (Lee’s) arrest is acknowledged considering the new charges and additional evidence collected- Said the court
The charge of significant proportions putts Lee Jae-yong for bribing the South Korean President Park Geun-hye $38 million for allowing special privileges to Samsung as a brand. The stories of Samsung [...]