Samsung chairman hid $4.6 billion to use for “beneficial causes”
Charity begins at home
Lee demonstrates his Mickey Mouse imitation
Lee Kun Hee, the chairman of Samsung Group and the most prominent businessman in South Korea, resigned abruptly Tuesday in a dramatic twist to a corruption investigation that signals a major shake-up at a company that defines the South Korean economy.
Lee led Samsung for 20 years, during which the group soared to become the best-known South Korean global brand despite being regularly dogged by accusations of bribery and other crimes. But last week he was indicted on charges of tax evasion and breach of trust…
Top executives from the 59 companies in Lee’s conglomerate, a veritable who’s who of the Korean business community, bowed before TV cameras. They stood behind Lee with grim faces as he read his brief statement and then walked out of the news conference without taking questions from reporters.
It was a stunning announcement in a country where executives often remain in power despite jail sentences and convictions for corruption. Although Samsung insiders had indicated that Lee might take decisive action to salvage his group from its worst public relations crisis in years, few people had predicted his resignation. Lee had survived previous corruption scandals and even a conviction on bribery charges in the 1990s to hold on to his chairmanship.
Good thing we live in a land where corporate and political corruption could never plumb such depths. Oh…
Posted: Tue - April 22, 2008 at 09:14 AM