SEOUL (Reuters) – South Korea‘s most powerful businessman said on Tuesday he would step down after 20 years at the head of the giant Samsung Group following his indictment last week for tax evasion and breach of trust.
The televised announcement by Lee Kun-hee, 66, who has achieved almost heroic status in South Korea for his role in the fortunes of Samsung, came as a shock even in a society long used to its top businessmen being hauled into court.
But analysts pointed out Lee and his family still control the country’s largest conglomerate, sometimes dubbed the "Republic of Samsung" and whose dozens of affiliates account for around a fifth of South Korea’s exports.
