Samsung chairman announces resignation

SEOUL, South Korea (CNN) -- The chairman of the Samsung Group announced his resignation Tuesday, just days after his indictment amid an investigation into allegations of corruption.

"I sincerely apologize and will do my best to take full legal and moral responsibility," said Lee Kun-hee, who was indicted last week on charges of tax evasion and breach of trust. "It grieves me for I still have many things to do."

At least four other executives will leave their jobs at Samsung, which has annual sales of nearly $160 billion and accounts for 18 percent of South Korea's economic output.

Samsung also outlined several reforms Tuesday.

Investigators started looking into the conglomerate in January, after a former company lawyer said the company created slush funds worth $200 million.

The probe led prosecutors to indict Lee and several other executives, but the prosecutors said an investigation found no evidence to support an allegation that the company bribed government officials and prosecutors.

Samsung's exports -- valued at about $70 billion -- account for a fifth of all South Korean exports.

The conglomerate outlined several reforms it plans to implement.

"We do not think that Samsung's renovation is complete with what we have declared, and known that this is just the beginning," Samsung said in a statement.

"If there are any other things we should mend, we positively will." E-mail to a friend

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