Samsung to unveil reform plans after chairman’s indictment

By Chris Nicholls

SYDNEY: Samsung has confirmed it will move in a new direction and reform the company after the indictment of its chairman and three executives yesterday on tax evasion and breach of trust charges.

Speaking to Current.com.au, a company spokesperson said the group would be holding a press conference next week at an undetermined date, which would unveil “reform plans”.

The announcement is the first indication Samsung will revise its practices, after a barrage of criticism from overseas investors and others in recent years over a lack of transparency.

Samsung Group chairman, Lee kun-Hee was indicted yesterday on charges of evading tax on billions of dollars he hid in stock accounts under names of aides.

The breach of trust charge stems from his constant denial of involvement in arranging Samsung subsidiaries to sell stocks to his son, Jae Yong, at low prices to help him take over the empire.

Despite the charges, Lee kun-Hee will not be arrested.

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