On February 16th, 2017, the heir to the Samsung Group, Lee Jae-yong, was arrested in connection with a bribery investigation that resulted in the impeachment of former South Korean President Park Geun-hye. According to The Verge, the company is taking measures to enhance transparency and oversight regarding donations made to third parties.
In a recent press release, Samsung Electronics said that any donations or corporate social responsibility funding that totals at least 1 billion won – or $882,050 – will now be subject to approval from its board of directors. As well, Samsung has promised that such donations will now be publicly disclosed.
Lee, the vice chairman of Samsung Electronics, was accused of paying an equivalent of $38 million to organizations backed by a confidant of President Park in exchange for government favours. Samsung has denied making payments or illegally seeking such favours.