Samsung's Vice Chairman and President Have Reportedly Offered to Resign

Samsung's Vice Chairman and President Have Reportedly Offered to Resign

Ask Samsung. The company recently had its top executive arrested and the president of its home country rendered powerless, as a result of several donations made by Samsung to charities associated with the now impeached president.

Because of the arrest, the tech giant has chose to tighten the board's oversight on future donations.

The South Korean company said it would now require financial donations and funding for corporate social responsibility of 1 billion won ($882,460) or more to be approved by the board of directors.

This move improves transparency in financial aid and appropriation of social corporate social responsibility funds, and strengthens compliance management.

More news: De Lima turns herself in over drug claims

Jay Y. Lee, leader of Samsung Group and Samsung Electronics' vice chairman, was arrested last week after being named a suspect by the South Korean special prosecutor's office.

According to Yonhap, the Samsung Group is alleged to have signed a 22 billion won (US$18.3 million) contract with a Germany-based company owned by Choi Soon-il, a confidante of Park, and her daughter, under a consulting arrangement to pay for the daughter's equestrian training.

Lee, who is arguing that he was coerced into making the payments, told lawmakers during a December hearing that Samsung Group would take measures to avoid making improper payments in the future.

Lee said since its debut in the US and South Korea two years ago, Lee said, the service had also been made available in Singapore, Australia, Thailand, Spain, China, Puerto Rico and Brazil. If you remember, the company had promised to nominate at least one new board member with global C-suite experience. Samsung Group's President Chang Choong-gi and the conglomerate's Vice Chairman Choi Gee-sung have allegedly offered their resignations on Friday, anonymous sources familiar with the situation have said. However, it has been unable to find anyone to fill the bill.

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