Samsung takes back its disgraced leader

SOUTH KOREAN BILLIONAIRE Lee Kun-hee, who was found guilty of tax evasion in 2008, has returned to head Samsung.

The 68-year old businessman is credited with turning the company into the technology powerhouse it is today. He had previously resigned in disgrace after having been convicted of tax evasion, but has since been pardoned.

He had received a suspended prison sentence, but was pardoned because the South Korean president needed him to back the country's bid to host the 2018 Winter Olympics.

South Korea's business world and analysts have welcomed him back with open arms as his leadership means that Samsung can once more concentrate on its long-term goals. Samsung's size and power means it might help encourage South Korea's economy after the difficulties of the last couple of years.

But it also means that the South Korean business model of family-run conglomerates isn't likely to change soon, with Lee's son likely to be next in line for leadership at Samsung. µ