Samsung's Vice Chairman and President Have Reportedly Offered to Resign

Samsung's Vice Chairman and President Have Reportedly Offered to Resign

The conglomerate's Vice Chairman Lee was arrested after the authorities uncovered evidence suggesting he paid more than $37 million in bribes to facilitate a 2015 merger between Cheil Industries and Samsung C&T. Previously, only payments representing 0.5 percent of shareholder equity - 680 billion won or more - required board approval.

The company says those steps will "enhance the transparency of the management of such donations and funds and to strengthen the compliance" - making it more accountable by allowing transfers to be scrutinized by outside parties.

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The new policy is in reaction to the arrest last week of Jay Y. Lee, Samsung's vice chairman and acting head, in a political scandal that has rocked the country.

The scandal has seen South Korea's parliament vote on 8 December 2016 to indict President Park Geun-hye, a decision that has to be upheld by the Constitutional Court.

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"Samsung Pay service is actually ideal for the country because Malaysia has its national e-payment strategy with the ultimate goal of becoming a cashless society", said Lee. If you remember, the company had promised to nominate at least one new board member with global C-suite experience. Likewise, there's still no information on whether Samsung Group's Board of Directors (BoD) will accept their resignations and if it does, whether Chang and Choi will remain involved with the company in a different capacity.

According to the media, special prosecutors questioned Lee for the second day straight on Sunday on suspicion of bribing President Park Geun-hye's friend Choi Soon-sil in return for state support of a controversial merger.

Homicide victim recorded, photographed suspect on cellphone
Slocum told reporters that evidence indicated that the deaths were a double homicide, and the case was being investigated as such. The link of the audio of a suspect's voice saying " down the hill " is available for download at www.in.gov/isp/delphi.htm .

Insiders Samsung insiders and former executives believed that after Mr Lee's arrest Mr Choi, the number two at Samsung Group and mentor to the 48-year-old Mr Lee, would likely manage group-level affairs while professional managers continue running the various affiliates.

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