Samsung Group Chairman Lee Kun-hee resigned in disgrace today after 20 years as head of the Korean conglomerate. This move follows Lee's indictment last week for tax evasion and breach of trust. According to the indictment, Lee hid about $4.5 billion worth of Samsung stock in accounts that used borrowed names. He also was charged with evading about $120 million in taxes.
Lee apologized to South Koreans for causing "much grief." His son, Lee Jae-young, who held a senior management position with the company, has reportedly been sent abroad by Samsung for an unspecified period of corporate penance.
For more:
- see this Washington Post article
Related story:
Samsung set for gains. See this Samsung story