Two senior Samsung execs offer to resign in light of bribery allegations

Two senior executives from electronics giant Samsung Group are taking responsibility for their involvement in the company’s ongoing bribery scandal by offering to resign, according to a South Korean news agency.

On Friday Yonhap news agency reported that Samsung Vice Chairman Choi Gee-sung and President Chang Choong-gi had offered to resign, without citing sources, according to Reuters.

Both executives had been previously identified as suspects by the South Korean prosecution team that investigated and ultimately arrested Samsung vice chair Lee Jae-yong, known professionally as Jay Y. Lee, last week for his involvement in alleged corruption charges involving impeached South Korean president Park Geun-hye.

According to Reuters, Yonhap did not say whether the executives had formally submitted their resignations or whether they would remain with the company in other positions. Samsung did not immediately comment on the report.

Prior to his arrest Lee, the son of company chair Lee Kun-hee, had been accused by by the investigation team for participating in payments that Samsung made to Choi Soon-sil, the presidential friend and advisor at the heart of Park’s impeachment scandal, in exchange for government support of a company merger that, according to the Korea Times, was designed for Lee to increase his stake in Samsung as a whole.

The younger Lee, who according to Bloomberg continues to run Samsung from jail by communicating with lieutenants through his attorneys, has officially served as Samsung’s vice chair and its de facto head since his father suffered a heart attack in 2014.

During last month’s investigation Samsung denied providing Choi and her associates with financial aid in return for favours, while Lee himself denied all charges, none of which have been proven in court.

Would you recommend this article?

Share

Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.


Jim Love, Chief Content Officer, IT World Canada

Featured Download

Eric Emin Wood
Eric Emin Wood
Former editor of ITBusiness.ca turned consultant with public relations firm Porter Novelli. When not writing for the tech industry enjoys photography, movies, travelling, the Oxford comma, and will talk your ear off about animation if you give him an opening.

Related Tech News

Get ITBusiness Delivered

Our experienced team of journalists brings you engaging content targeted to IT professionals and line-of-business executives delivered directly to your inbox.