Two senior Samsung Group executives offer to resign: Yonhap

Elbert EdwardsFeb 26, 2017

This brings the ceiling significantly lower from the previous system, wherein only payments of 680 billion won or more were subject to board approval.

Samsung in a statement Friday said it has set up a "deliberative body" for tighter screening of donations and vowed to disclose all administered donations through company filings.

Samsung headquarters in Seoul, Korea.

At issue is whether millions in donations Samsung made to two foundations controlled by President Park's friend and confidant, Choi Soon-sil, were bribes to get the South Korean pension fund to back a merger between two of Samsung Group's holding companies. As such, his exit could throw the top leadership in chaos.

Both executives had been previously identified as suspects by the South Korean prosecution team that investigated and ultimately arrested Samsung vice chair Lee Jae-yong, known professionally as Jay Y. Lee, last week for his involvement in alleged corruption charges involving impeached South Korean president Park Geun-hye.

Samsung is also likely to disband its controversial Future Strategy Office, which consists of key aides to Chairman Lee Gun-hee and has been accused of shady dealings, as early as next month. Lee, who is now detained on multiple criminal charges including bribery and embezzlement, is expected to be formally charged by the independent counsel on Tuesday. For one, the company has already lost its leader in Lee, and has also been unable to nominate a new outside director.

"We are optimistic of seeing a strong consumer interest and readiness to adopt mobile payments in Malaysia, with Samsung Pay's secure and user-friendly facility", he told reporters after the launch of Samsung Pay here today. Choi has played the role of mentor to the Samsung heir.

Tech giant Samsung Electronics 005930.KS is tightening board oversight on donations while two senior Samsung Group [SAGR.UL] executives reportedly offered to resign, as the conglomerate struggles with the fallout from a graft scandal that led to its leader's arrest.

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