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Date Issue Title
7th Feb 2006 Positive Work Samsung to give $825m to charity

South Korea's largest firm, Samsung, is to donate more than $825m (473m) to charity after scandals hit the company.

The company chairman, Lee Kun-Hee, who recently returned to South Korea after a five-month overseas trip, apologised for "wrongful" previous practices.

He left the country in September after allegations of illegal donations to politicians, of which he was cleared.

In 2005 a Seoul court gave suspended jail sentences to two Samsung executives, in a different scandal.

That case came after accusations that Mr Lee's children had been allowed to take over a Samsung business in a dubious manner.

Samsung said in a statement it regretted causing concern over issues such as the transfer of wealth within the family of chairman Lee Kun-Hee and the political "pay-off" furore.

"I have put all my energy into corporate management so far, but failed to pay enough attention to meeting expectations of the people," Mr Lee was quoted as saying in a statement.

Samsung said the donations will consist of a scholarship fund worth 450 billion won ($466m) and 350 billion won ($362m) in personal assets from Mr Lee's children.

It consists of profits his children made through the transfer of convertible bonds of unlisted Samsung Everland, an amusement park operator.

A Seoul court in October 2005 found two top executives at Everland guilty of conspiring in a deal to help the children buy at below-market prices a majority stake in the amusement park operator. Samsung has since appealed.

Samsung is a major global manufacturer of memory chips, semiconductors and consumer electronics.

Other Reports on Samsung
Date Issue Company Report
17th Apr 2008 Fraud Investigation Samsung Prosecutors charge Samsung chief
5th Apr 2008 Fraud Investigation Samsung Prosecutors question Samsung boss
7th Feb 2007 Other Issue Samsung Samsung settles price fixing case
22nd Mar 2006 Questionable Practice Samsung Samsung men 'admit' price fixing

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