Samsung Chairman steps down due to fraud charges

Following fraud charges that were brought against him last month, Samsung Chairman Lee Kun-hee has elected to step down. Kun-hee was identified last week as being involved in fraud, tax evasion, bribery and other such issues. He was not arrested when initially charged, due to the effect it would have on the company as a whole. Now without him sitting in that position, the former Samsung exec could be facing jail time. His son, who was seen as a likely successor to that position, will also be stepping down and moving into another role.

His decision was likely prompted by pressure from other Chairmen for the company, as well as the knowledge that having a corrupt official in the upper echelons of a huge tech company could only spell disaster down the road. Hopefully for the company, Kun-hee acted quickly enough so that Samsung won’t see much of an effect at his loss. This is particularly important, as Samsung represents one of South Korea's largest worldwide businesses.