Samsung's first family hit by more scandal


Samsung group has vowed to ensure transparency in its business dealing and governance, granting heads of the group's subsidiaries, freedom with less interference from the Lee family.

If the report is confirmed, it would mark the electronics giant's involvement in yet another political scandal, after the heir to parent Samsung Group, Jay Y. Lee, was freed on Monday on a suspended jail sentence for bribery and embezzlement charges.

Samsung Electronics chairman Lee Kun-Hee arrives at Gimpo airport in Seoul after he visited several European countries and Japan, May 24, 2012.

Lee Myung-bak's elder brother Lee Sang-eun holds a majority stake of the auto parts company, but the former president is said to have masterminded the transaction.

Police added that the accounts, holding some 400 billion won, were found in the course of their probe into alleged improper payments for the renovation of Lee's family residence.

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The tax evasion investigation dates back to the late payment of 130 billion won in tax with 8.2 billion of the sum falling within the statute of limitation. Though the Jay Y. Lee has not returned back work after his release, he is expected to assume leadership of the company. But while Lee is now out of prison, his father might be moving in.

In 2009, Lee was convicted and later pardoned for tax evasion after being embroiled in a scandal that he was using so called "borrowed named" accounts held by trusted employees.

Prosecutors raided the offices of Samsung Electronics and a house in Seoul belonging to a former Samsung executive as part of their investigation into a scandal involving former President Lee Myung-bak.

Police say they have since identified more such accounts. Blue chip tech stocks bounced after recent falls as investors saw current valuations as attractive, analysts said.