Samsung boss falls on sword

SAMSUNG BOSS, Lee Kun-hee, has stepped down less than a week after being charged with tax evasion. The charges follow a three-month investigation into corruption at the South Korean company.

"I have decided to resign from the post of chairman," he told a televised press conference.

"We, including myself, have caused troubles to the nation with the special probe," he continued.

"I deeply apologise for that, and I'll take full responsibility for everything, both legally and morally."

Lee was charged last Thursday but not formally arrested. Prosecutors said that such an action would 'cause enormous disruption' to Samsung's business and have 'negative repercussions' for South Korea.

They added that Samsung was suffering from many problems including 'illicit transfer of management control', a reference to Lee's plans to transfer control of the company to his son, having himself assumed control from his father, the company's founder, in 1987.

If found guilty, Lee could face from five years to life in jail. µ

L'Inq
Reuters