Samsung chairman indicted for tax evasion

Samsung Group's iconic chairman, Lee Kun-hee, has been indicted on charges of evading 112.8 billion won (€71.82 million) in taxes and breach of trust at the end of a three month investigation, according to an Associated Press report. The investigation was prompted by allegations made by a former Samsung lawyer.

The scandal-plagued Samsung Group vowed to reform the way it does business, but the prosecutors dismissed the most spectacular claim - that Samsung used subsidiary companies to raise a slush fund to bribe influential South Koreans - saying there was no evidence.

Prosecutors had discovered what they said were serious irregularities, such as that Samsung engaged in dubious financial deals to ensure corporate control passes from Lee to his son. Civic groups had complained long and hard about such abuses.

Nine other Samsung executives were indicted, including the group's vice chairman, considered to be 66-year-old Lee's right hand man.

Samsung issued a statement after the indictments, apologising 'for causing concerns' and adding it was 'preparing reform plans' that it would announce next week.

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