RegulationCorporate GovernanceSamsung chairman steps down over tax evasion claims

Samsung chairman steps down over tax evasion claims

Lee Kun-Hee's 20-year stint as Samsung chairman ends over tax evasion indictment

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

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