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Samsung to tighten control over donations following arrest of vice chairman Lee

26 February, 2017, 00:48 | Author: Jan Cross

The company said that from now on, the board of directors will vote on any financial support given to third parties that are worth 1 billion won (around $886,000) or more.

"This move improves transparency in financial aid and appropriation of social corporate social responsibility funds, and strengthens compliance management", the company said in a statement. Vice Chairman and de factor leader of Samsung Group Jay Y. Lee vowed to dismantle the controversial office during a parliamentary hearing in December. Previously, only payments of 680 billion won or more were subject to board approval.

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.

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Samsung's actions come after vice chairman Lee Jae-yong (better known as Jay Y. Lee) was arrested for allegedly donating 43 billion won ($38 million) in bribes in 2015 to companies backed by Choi Soon-sil, friend and adviser to President Park Geun-hye, in order to ingratiate himself and promote his rise inside the company.

Samsung Electronics Vice Chairman Lee Jae-yong (left) and Choi Gee-sung, then CEO of the tech giant, attend the Consumer Electronics Show in Las Vegas in 2011. It's unclear whether the two executives have offered their resignations in a formal manner or whether the offer was an unofficial one. Future Strategy Group's top officials vice chair Choi Ji-sung and president Chang Choong-ki will resign from their post to take responsibility for Lee's detention. This move from Samsung is hardly surprising, considering that the company will naturally look to clear its name and regain customer trust after going through a corruption scandal of epic proportions.

Samsung Group had no immediate comment to offer on the report when contacted by Reuters. Choi and Chang are also suspects in the special prosecutor's investigation.

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