July 24, 2017

Samsung Group dismantles corporate strategy office

01 March 2017, 12:39 | Clarence Schmidt

Samsung says it will shut down its top strategic office after the head of the group was formally charged with bribery and embezzlement.

The scandal has led exploding phone and washing machine maker Samsung to hit pause on some of its corporate operations.

Park, whose five-year single term ends in February 2018, was impeached by parliament on December 9, following massive street protests across the nation. Lee is the grandson of Samsung's founder and is technically a vice chairman, but he "has become the company's de facto leader since his father, Chairman Lee Kun-hee, fell ill", as The Two Way reported. Both he and Samsung have denied any wrongdoing.

Other charges against Lee include having provided - or pledged to provide - a total of 43 billion won ($37.5 million) to Choi's daughter, Chung Yoo-ra, in the form of sponsoring her equestrian career in Germany.

Vice-chairman Choi Gee Sung, indicted alongside Lee, and other executives at the strategy office are stepping down, with affiliates to be managed by their respective boards and CEOs. The 48-year-old billionaire was arrested February 17. Further, Samsung's lack of announcements at the recently held World Mobile Congress is giving its competitors even more room to take a shot at the gap left behind by Samsung's missteps.

Turkish military: Al-Bab fully taken from ISIL
Also, according to a TSK statement, a 2,225-square-kilometer area has been liberated and is now under the control of the FSA. The offensive, fought by FSA and Turkish ground forces, also aims to limit Kurdish territorial ambitions in the same area.

Park's impeachment was triggered by accusations that she colluded with Choi Soon-sil, the woman at the centre of the scandal, to pressure big businesses, including Samsung, to donate to two foundations set up to back the president's policy initiatives. Choi is said to have used her closeness to the president to make millions of dollars from South Korean giants like LG, Samsung and Hyundai. Mr.

"We apologise for the social controversy and distress we have caused", Samsung Group executive vice president Lee June told reporters.

Samsung already announced its intention to disband the Corporate Strategy Office, the decision-making unit at the company, which has been linked to the corruption investigation.

If her impeachment is upheld, Park would immediately lose her immunity to criminal indictment and South Koreans would have to elect a new president within 60 days.

Lee Jae-yong, known as Jay Y Lee, the 48-year-old head of Samsung Group, will be charged later today with bribery, embezzlement, perjury and concealing the proceeds of crime. Samsung officials will also face charges. However, major business groups criticised the arrest, concerned about the impact on Samsung and, more broadly, on South Korea. He was later convicted and then pardoned by a former president.

Other News

Trending Now

Airbus profits hit by A400M costs
The total value of the group's order book was €1,060 billion at the end of December, up from €1,006 billion in 2015. He said Airbus expected to deliver over 20 of the military transporters this year, barring any unexpected problems.

Trump Will Issue New Guidelines on Treatment of Transgender Students
On Feb. 22, a draft document of the Trump's administration's new guidance on transgender student rights was obtained by reporters. Children figuring out their gender identity need to be supported, not shamed.

Heroin-related overdose deaths quadrupled from 2010-15 - United States govt
Four states - West Virginia, New Hampshire, Kentucky and OH - lead the nation with the highest overdose death rates, the CDC said. Stay updated on this and other stories by downloading the FREE 11Alive News app now in the iTunes store or on Google Play .

Everton 2 Sunderland 0
Everton manager Ronald Koeman is intent on bringing Burnley defender Micahel Keane to Goodison Park in the summer transfer window. With a goal he equaled Everton's Premier League top scorer record as well as the current season top scorer in the league.

Auto crash turns deadly after driver shoots 8-year-old girl
According to police, the drivers of the Pontiac and the sedan then got out of their vehicles and began firing. The white Pontiac that crashed into Thomas' vehicle was left abandoned at the scene of the fatal shooting.

Sixers Jahlil Oakfor relieved that the National Basketball Association trade deadline has passed
For Philly , Nelson said that they "liked Anderson a lot and that he was the critical piece" for them in the deal. Yes, Anderson has been brutal at times for the Mavericks this season, but time will tell what he can turn into.

Former All Black Ali Williams in Paris drug arrest
Williams, who played 77 Tests from 2002 to 2012, is regarded as one of New Zealand's finest, most athletic locks. A police source told Reuters that they were taken into custody and were expected to be held for up to 24 hours.

Demonetisation effect: economic growth seen slowing to 6.1% in December quarter
NITI Aayog Vice Chairman Arvind Panagariya said: "I have been saying that the (demonetization) impact will not be large". The third quarter number GDP numbers are an important indicator of how the economy reacted after demonetisation.

Here's your first look at gameplay and the new Warden class
The Elder Scrolls Online team has just announced that the recent Homestead update has arrived for consoles. Homestead is now available on PlayStation 4 and Xbox One versions of The Elder Scrolls Online .

Transgender wrestler competes for state high school championship
Despite the fact that Mack's preference would be to play on his school's boys' team, he was in good spirits about his win. As Beggs has undergone testosterone therapy while transitioning from girl to boy, he compiled a 56-0 record this season.