BREAKING NEWS

Samsung Group says dismantling corporate strategy office

By REUTERS

FEBRUARY 28, 2017 09:17

SEOUL - South Korea's Samsung Group on Tuesday said it has dismantled its corporate strategy office, the nerve center of operations for the sprawling conglomerate, following its chief's arrest amid a graft scandal that could bring down President Park Geun-hye.

Samsung, in a statement, said top group executives including Vice Chairman Choi Gee-sung and President Chang Choong-ki had resigned and that its affiliates would manage themselves independently through cooperation between individual firms' chief executives and the boards of directors.

Jay Y. Lee, third-generation leader of Samsung Group, promised in December to dismantle the corporate strategy office amid accusations that he and the office worked to bribe President Park and her confidant, Choi Soon-sil, to curry favor and cement his control of the smartphones-to-biopharmaceuticals business empire.

The 48-year-old Samsung chief, arrested on Feb. 17, and four other Samsung executives will be charged with bribery and embezzlement.

Lee is accused of pledging 43 billion won ($38 million) in bribes to a company and foundations controlled by Choi. He denies wrongdoing. ($1 = 1,130 won)

House arrest of intelligence officer involved in PMO document leak ends

By MAARIV

11/25/2024 01:58 PM

Lebanese army soldier killed in drone strike in Tyre - Al-Manar

By JERUSALEM POST STAFF

11/25/2024 01:41 PM

Russia's army bigger than two years ago but quality has decreased

By REUTERS

11/25/2024 01:17 PM

Security forces eliminate two terrorists, arrest nine in the West Bank

By JERUSALEM POST STAFF

11/25/2024 12:43 PM