Samsung Electronics CEO resigns, Lee Jong Yong, owner of Samsung stuck in corruption case

Samsung Electronics CEO resigns, Lee Jong Yong, owner of Samsung stuck in corruption case

Won Ho Hyun, CEO and Vice Chairman of Samsung Electronic Company, has resigned from his post. Since the arrest of the company's owner, Lee Jae Yong, in February, Hyun had been in the second position in the group and it was understood that they could be given a much bigger responsibility going forward.
Now new people should get the chance
Hyun issued a statement saying that it was time to give the opportunity to new people so that they could take the company to a new height. We have earned record profit in the last two quarters, which is expected to increase further in the third quarter. These are the fruits of past decisions and investments, but in order to move forward we need new thinking and energy for which new faces should be given space.
Samsung company owner is involved in corruption case
Samsung owner Lee J Yong, who was implicated in the corruption case, is now facing trial on charges of fraud and embezzlement. After Lee's arrest, Samsung's stock had plummeted. Following a hearing in a local court in Seoul, the court ordered Lee to be arrested, after which the police immediately followed the order and sent him to jail.

Lee is housed in a single cell, which features a TV and a desk. Lee is accused of taking bribes in a political scandal in the country. Because of this, President Park Gwen Hee is being sued for impeachment.
Samsung's shock came from Lee's arrest
Lee is the son of Samsung Group President Lee Kun Hee. Prosecutors investigating the case had demanded arrest from the court. The court accepted the prosecutors' argument.

Prosecutors spokesman Lee Qi Chul said, "For us, the economy of the country has its own importance but it is more important to maintain the rule of law." Lee had then said that we would continue our investigation further and then decide which prosecution should be levied on Samsung officials.