In South Korea, Samsung Financial Execs to Resign

April 22, 2008

Chief executives of two major financial units at South Korea’s Samsung Group will step down, the group said on Tuesday, as part of reforms at the country’s biggest conglomerate.

Hwang Tae-seon, who leads Samsung Fire & Marine and Bae Ho-won, CEO of brokerage Samsung Securities, will resign.

The announcement comes less than a week after a special prosecutor indicted Samsung Group Chairman Lee Kun-hee on charges of tax evasion and breach of trust. Nine other executives, including Samsung Fire CEO, were also indicted.

(Reporting by Kim Yeon-hee and Miyoung Kim; Editing by Jonathan Thatcher)

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