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December 15, 2009

Samsung Electronics Ltd, a division of South Korea’s largest conglomerate the Samsung Group, announced today third-generation Lee Jae Yong has been promoted to executive vice president and chief operating officer in a management reorganisation.

Samsung Electronics Ltd, a division of South Korea's largest conglomerate the Samsung Group, announced today third-generation Lee Jae Yong (pictured) has been promoted to executive vice president and chief operating officer in a management reorganisation.

The company also announced the promotion of Choi Gee Sung to the CEO role. In the statement released by the conglomerate this morning Choi said the new management structure was intended "to prepare for the challenges and opportunities ahead."

August 18, 2009

The former chairman of Samsung, second-generation Lee Kun Hee, has been convicted of breach of trust over a bond deal carried out in 1999 that was aimed at transferring ownership of the group to his son.

The former chairman of Samsung, second-generation Lee Kun Hee (pictured), has been convicted of breach of trust over a bond deal carried out in 1999 that was aimed at transferring ownership of the group to his son.
 
The 67-year-old was given a three-year prison sentence that has been suspended for five years because of his contribution to Samsung's growth.
 

July 17, 2008

The former chairman of Samsung has received a suspended prison sentence after being found guilty of tax evasion at a court in Seoul, South Korea.

The former chairman of Samsung has received a suspended prison sentence after being found guilty of tax evasion at a court in Seoul, South Korea.

Lee Kun-hee (pictured), who resigned in April after 20 years at the head of the family business, was sentenced to three years in jail with a five-year suspension.

The second-generation family patriach was charged with hiding $4.5 billion in borrowed-name accounts, evading $112.8 million in taxes. He was asked to repay all the money he evaded in tax.

April 22, 2008

Less than a week after he was indicted for tax evasion, Lee Kun-hee has fallen on his sword after 20 years at the top.

Less than a week after he was indicted for tax evasion, Lee Kun-hee has fallen on his sword after 20 years at the top. In a nationally televised press conference, the second-generation Samsung chairman apologised for his wrongdoing and for the negative impact the probe could have on South Korea.

“I have decided to step down as chairman of the group,” he announced at the company’s headquarters in Seoul. “I will take all legal and moral responsibility and truly apologise to the nation.”

April 17, 2008

South Korean prosecutors investigating allegations of slush funds, bribery and illegal wealth transfer at the Samsung Group have charged second-generation chairman Lee Kun-hee with tax evasion and breach of trust.

South Korean prosecutors investigating allegations of slush funds, bribery and illegal wealth transfer at the Samsung Group have charged second-generation chairman Lee Kun-hee with tax evasion and breach of trust.

Lee, 66, is claimed to have hidden $4.5 billion in borrowed-name accounts, evading $112.8 million in taxes. He was also charged with breach of trust for overlooking the group's illegal wealth transfer to his son through a below-market price deal involving Samsung's holding company.

January 1, 2008

Reports of corruption and fraud in major businesses have filled the first weeks of the new year with some notable family names being sullied. William Boston examines the implications of corruption allegations at a family business

Reports of corruption and fraud in major businesses have filled the first weeks of the new year with some notable family names being sullied. William Boston examines the implications of corruption allegations at a family business

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