Two senior Samsung execs offer to resign in light of bribery allegations

Samsung increases transparency on donations amid scandal

Until now, only spending that exceeded 0.5 percent of the company's equity, roughly 680 billion won, had to be submitted for board approval.

The company says those steps will "enhance the transparency of the management of such donations and funds and to strengthen the compliance" - making it more accountable by allowing transfers to be scrutinized by outside parties.

Two top executives of Samsung Group offered to resign in the aftermath of a corruption scandal that shook both the company and the entire country of South Korea.

The South Korean company said it would now require financial donations and funding for corporate social responsibility of 1 billion won ($882,460) or more to be approved by the board of directors. Samsung Group's President Chang Choong-gi and the conglomerate's Vice Chairman Choi Gee-sung have allegedly offered their resignations on Friday, anonymous sources familiar with the situation have said. Samsung did not immediately comment on the report.

The move comes after Samsung Electronics' vice chairman Jay Y. Lee, was arrested last week in connection with bribery charges.

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. Its top executives have offered to resign.

Were these executives to leave too, Samsung could be in trouble. While Lee admitted to donating the aforementioned sum to several organizations connected to the Korean President Park and her confidante Choi Soon-sil, he claims he was forced to do so and wasn't expecting anything in return.

The head of Samsung is likewise blamed for embezzlement and perjury, according to the prosecution's application for an arrest warrant.A ruling is expected on Wednesday.

The third-generation Lee is the first Samsung chief to be detained. Choi Ji-sung, dubbed as the second-in-command of the Samsung empire has headed the strategy office since 2012 and Chang has been in charge of the conglomerate's external business.



Latest news

Mercedes W08 breaks cover at Silverstone
Mercedes has released teaser shots of its 2017 auto , the W08, a day before its launch at Silverstone. "We didn't have max power today so I don't get to unleash it until next week", Hamilton added.

Female suspect sick after Kim Jong Nam assassination, police say
South Korean analysts have identified sarin and VX as the focus of the North Korean chemical weapons program. Police are searching for seven other North Koreans, four of whom are believed to have fled to Pyongyang.

Earnings Guidance on Bloomin Brands, Inc.(BLMN)
The stock is now moving above its 20-Day Simple Moving Average of -4.35% with the 50-Day Simple Moving Average of -4.35 percent. Finally, Jefferies Group LLC reissued a "hold" rating on shares of Bloomin' Brands in a report on Tuesday, January 3rd.

Columbia Man Indicted For Trying To Help Terrorists
He was arrested Friday after meeting with another undercover agent where Hester allegedly brought two boxes of roofing nails. After his release, Hester continued to make plans with the undercover agents to carry out the attack, officials said.

Other news