As reported by BBC News, the ex-chairman of South Korean firm Samsung, Lee Kun-hee, has been found guilty of tax evasion in Seoul and given a three-year suspended jail term. The charges followed a three-month investigation into alleged corruption at South Korea’s biggest conglomerate. Lee, one of South Korea’s richest men, had headed Samsung for two decades before his resignation from the chairmanship in April.
The corruption case has been keenly followed in South Korea, where Samsung remains one of the country’s most powerful and respected organizations despite the charges against Lee. Samsung is best-known for its electronics unit, but it is also one of the world’s largest shipbuilders. With a global workforce of 254,000, it enjoyed annual profits of more than $12.9bn in 2006 and accounts for nearly a fifth of all South Korean exports.
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