It emerged on Thursday that Chairman of technology giant Samsung, Lee Kun-Hee has been indicted on charges of tax evasion and breach of trust, although he was cleared of more serious charges of bribery.
This brings to an end a three month investigation, launched following allegations made by the former head of the firm's legal division, Kim Yong-Chul that a KRW200bn 'slush fund' had been created.
According to reports in the national and international media, despite being found guilty of evading KRW112.8bn in capital gains taxes, and illegally transferring control of the group to his son, Mr Lee will not be imprisoned ahead of his trial, alongside nine other Samsung executives, and is widely expected to avoid jail time altogether, over fears of the impact that imprisoning such a key business figure could have on the Korean economy.
Samsung, one of the stable of leading Korean family-run businesses (known as 'chaebol'), has pledged refoms in light of the charges brought against its figurehead, announcing, according to reports, that:
"Taking this special prosecutors' investigation as a new starting point, Samsung is preparing reform plans based on advice from various sectors of our society."
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