Thursday, March 27, 2008

[The Hankyoreh, March 13 2008] Samsung Group heir cleared over failed Internet venture

A special prosecutor cleared the son of Samsung Group Chairman Lee Kun-hee and dozens of senior Samsung executives Thursday of allegations that they illegally covered up a huge loss from a failed Internet venture led by the heir.

"We decided not to indict them on the grounds that there was not enough evidence to prove the allegations," special prosecutor Cho Joon-woong told reporters.

The decision was the first by the special prosecutor authorized to verify a slew of corruption allegations against the family-controlled conglomerate.

A civic organization filed a complaint against the chairman's son and heir, Jae-yong, and 27 Samsung executives, in 2005, accusing them of breach of trust over a failed Internet business.

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