Monday, April 14, 2008
Samsung group chairman Lee Kun-hee is expected to step down after a second round of questioning by an independent counsel investigating allegations of bribery at the Seoul, South Korea-based consumer electronics giant, according to reports.
Lee, whose wife Hong Ra-Hee has also faced questioning, appeared at the office of the special prosecutor for the second time in a week. Last Friday, he reportedly spent nearly 11 hours with special prosecutors.
The independent counsel, which was sanctioned by South Korea's National Assembly and former president, began its probe in January and has until April 23 to collect evidence.
A former top lawyer for Samsung claimed in November 2007 that the conglomerate had $205 million (200 billion Korean won) in a slush fund and used it to bribe prosecutors and judges. The same lawyer alleged that Lee’s wife, who heads a Samsung art museum, used some of the money to buy expensive paintings from abroad.
Samsung denied the allegations when they were raised.
Lee has led the group, which was established by his late father 70 years ago, for 20 years.
Investigators are also said to be looking into allegations of dealings involving the family-run group's complex ownership structure, known as a “chaebol,” which has been accused of buying influence and conducting questionable transactions between subsidiaries to help controlling families evade taxes and transfer wealth to heirs.
This corruption scandal could lead to a major change in leadership, and possibly his own resignation, Lee said in reports.
By: DocMemory
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