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© Reuters Electronics Production | March 26, 2010

Lee Kun-hee back at Samsung electronics

The convicted—and pardoned—Lee Kun-hee is returning to lead the South Korean electronics giant Samsung electronics.
Mr. Lee—whose father founded the company in 1938—headed the company more than 20 year. In April 2008 he had to step down, was convicted of corruption (in August 2008) and later pardoned (in December 2008) by South Korean president Lee Myung-bak. He now returns to lead the electronics subsidiary of the conglomerate.

After the former chief legal counsel, Kim Yong-chul stated that secret funds existed and that Samsung was running a network of bribery, Mr Lee and the company were investigated. Prosecutors stated that no evidence of bribery existed, but indicted Mr. Lee on charges of evading taxes on $4 billion, local media reported.

The Supreme Court ruled that ‘The Emperor’ receive a suspended three-year prison sentence for tax evasion and breach of trust. It also ruled that Lee had to pay back 45.6 billion won in back taxes and 110 billion won in fines.


© Reuters

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