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Tuesday, 24 November 2009 00:33 UAE time

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Ex-Samsung chairman fined for illegal bond trade

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 16 August 2009

The ex-chairman of Samsung has been fined 110 billion Korean won, ($89m) and given a three-year suspended prison sentence for his part in an illegal bond deal.

Lee Kun-hee was found guilty of selling the bonds below fair market prices to his only son, Jae-yong.

The sale, which valued the bonds at around half their market value, was believed to be part of an attempt to transfer control of the conglomerate to his son in 1999.

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Samsung reported a loss of 22.7 billion won ($18.3m) from the sale.

Lee had already stepped down from the chairmanship of Samung last year, after being indicted for breach of trust and tax evasion.

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