>
New Topic
>
Reply<
Esato Forum Index
>
General discussions >
General
> Samsung boss indicted for tax evasion
Bookmark topic
"SEOUL (Reuters) - Samsung Group Chairman Lee Kun-hee was indicted on charges of tax evasion and breach of trust on Thursday, but was cleared of a more serious bribery charge after a probe into South Korea's biggest business group.
Investors, relieved the four-month investigation had ended, said it may help bring transparency to the murky management structure at Samsung, bringing it closer to global standards.
The investigation was launched in January after a former top legal executive at the group accused some of its top management of hiding money and keeping a slush fund of more than $200 million to bribe politicians, prosecutors and officials.
A special prosecutor indicted nine other senior Samsung executives, but said Lee and the others would not be arrested.
"The criminal acts subject to indictment today constituted grave crimes because the amount of tax evaded and profits taken by violation of duties were astronomical figures," the prosecutor said in its findings.
Lee, 66, could face from five years to life in prison but analysts say he would likely escape prolonged jail time because judges have often been lenient towards corporate leaders convicted of wrongdoing, saying jailing them could hurt South Korea's economy.
SAMSUNG PREPARING REFORMS
While the prosecutor cleared Samsung of the bribery allegations, he said group officials conspired to hide 4.5 trillion won ($4.55 billion) in Lee's assets and worked secretly to transfer wealth to Lee's children."
http://www.reuters.com/articl[....]logyNews/idUSSEO28029120080417
--
Posted: 2008-04-19 23:40:43
Edit :
Quote
New Topic
Reply
