Samsung Group to break up Future Strategy Group next week


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

Under the new rules, all donations and social contributions that exceed 1 billion won ($884,000) must be approved by the board of directors, in which outside directors hold a majority.

Separately, South Korea's Yonhap news agency reported later on Friday that Samsung Group Vice Chairman Choi Gee-sung and President Chang Choong-ki have offered to resign to take responsibility for the graft scandal. As such, his exit could throw the top leadership in chaos.

Following the recent arrest of Samsung Electronics' vice chairman Jay Y. Lee, today the company has pledged to ramp up control for any future donations or financial support made to third-parties.

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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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. Choi in particular, has been a mentor to Lee and is widely regarded as his second in command.

Samsung Electronics announced a slew of measures on Friday meant to improve transparency in its social contribution program, after the company was found to have donated money to a friend of President Park Geun-hye allegedly in exchange for political favors.

Were these executives to leave too, Samsung could be in trouble.

Lee also faces charges of perjury and embezzlement.

"The special prosecutors' office, in making this decision to seek an arrest warrant, determined that while the country's economic conditions are important, upholding justice takes precedence", Lee Kyu-chul, a spokesman for the office, told a media briefing.