SEOUL: Three top executives at South Korea’s biggest conglomerate Samsung stepped down Tuesday after they were indicted on charges including bribery and embezzlement.
The resignations did not include Lee Jae-Yong, vice chairman of group flagship Samsung Electronics, the world’s biggest smartphone maker.
Samsung was also “dismantling” its Future Strategy Office, the co-ordinating body that guides the conglomerate, the group said in a statement announcing the resignations.
The planned indictment of Samsung Electronics vice chairman Lee Jae-yong is a huge hit for the country’s most important company. It also signals the still roiling state of South Korea’s political and economic circles after weeks of massive demonstrations that led to Park’s impeachment and a three-month investigation by the special prosecution team.
Prosecutors say the Samsung heir gave bribes worth $36 million to Park and her confidante to help win government support for a smooth company leadership transition.
Lee also allegedly hid assets overseas, concealed proceeds from criminal activities and committed perjury. The 48-year-old billionaire was arrested Feb. 17. Samsung has denied wrongdoing.
Prosecutors also said they planned to indict four other Samsung executives on charges of offering bribes, embezzlement, hiding assets overseas and concealing proceeds from criminal activities.
The planned indictments mean that key figures at a powerful yet secretive Samsung office that wielded influence over dozens of Samsung affiliates face trial. Lee promised earlier to disband the secretive office, called the Corporate Strategy Office, which allegedly orchestrated bribery schemes centered on Choi Soon-sil, Park’s confidante.
Lee was once the face of the new Samsung but now follows in his father’s footsteps. The senior Lee was indicted in 2008 on tax evasion and a breach of trust. Lee Kun-hee, 75, Samsung Electronics chairman, was later convicted and pardoned by a former president.
Corruption has dogged many other business leaders in South Korea’s family-controlled conglomerates, which are known as chaebol.
Samsung, the largest and the most successful among the big businesses that dominate the South Korean economy, has vowed a series of measures to improve transparency.
3 top Samsung executives quit after indictment
3 top Samsung executives quit after indictment
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
