Business Standard

Tycoon steps down as Samsung's chairman

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Agence France-Presse Seoul

Samsung group chairman Lee Kun-Hee last week announced his shock resignation from all group posts after special prosecutors mounting an inquiry into alleged corruption charged him with tax evasion and breach of trust. Samsung Electronics is the group flagship.

"As of today, Lee officially resigned as chairman of our company as he promised," Samsung Electronics spokesman James Chung told AFP.

 

The firm is the world's top maker of computer chips and LCDs and the second-largest mobile phone maker.

The company, which employs about 150,000 people in 62 countries, will be controlled by vice chairman Yun Jong-Yong, Samsung officials said.

Samsung Electronics last week unveiled plans to invest seven trillion won ($7.02 billion) in its memory chip division this year, of which 1.5 trillion will be earmarked for its US semiconductor factory in Austin, Texas.

It also said it would invest 1.8 trillion won to build a new LCD line at its plant operated jointly with Sony Corp. south of Seoul in Tangjeong.

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First Published: Apr 28 2008 | 4:39 PM IST

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