Markets in Asia traded mostly lower on Friday, with Samsung Group in focus after reports said senior executives tied to an ongoing corruption scandal offered to resign, while its flagship brand introduced new transparency measures to handle large financial donations.
South Korea's Yonhap news agency said two senior executives at the conglomerate offered to resign to take responsibility for the group's involvement in the corruption scandal involving President Park Geun-hye, according to Reuters. They were identified as suspects by the South Korean special prosecution in the investigation, said Reuters, which led to the arrest of group chief Jay Y. Lee last week.
Samsung Electronics announced a series of measures on Friday aimed to bring greater transparency and accountability in managing financial donations and monetary support for their corporate social responsibility (CSR)-related activities and funds. The company said financial donations and CSR funding of more than 1 billion Korean won ($882,460) will require the approval from the board and will be publicly disclosed.
Previously, Yonhap also reported that Samsung is planning to abolish its future strategy office, responsible for making key decisions and coordinating the various business units, as early as next month.
Meanwhile, the Korea Herald said, citing an industry source, that Samsung Electronics is expected to hold a shareholder meeting on March 24.