Samsung chairman steps down over tax evasion claims

Samsung's chairman has stepped down after 20 years in the role following his indictment for tax evasion and breach of trust.

Lee Kun-Hee said he would step down from the company, which employs 200,000 people and accounted for 20% of South Korea's exports, after he was alleged to hidden assets to evade tax.

Investigators said he had avoided $128m (£65m) in tax and could face life in jail if found guilty, but analysts said he was unlikely to face such heavy punishment, according to reports.

Four other executives will step down from the company, said Samsung in a statement.

Further reading:

Samsung boss in tax evasion charge