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
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
