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Samsung

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.

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