Samsung increases transparency on donations amid scandal

Together with Choi who has been leading the Future Strategy Office, the group's de facto control tower, President Chang Choong-ki at the team also offered to resign, sources said.

The South Korean company said it would now require financial donations and funding for corporate social responsibility of 1 billion won ($882,460) or more to be approved by the board of directors. Previously, only payments over 680 billion won ($600.9 million) needed the thumbs up from the board.

Samsung in a statement Friday said it has set up a "deliberative body" for tighter screening of donations and vowed to disclose all administered donations through company filings.

The flagship of South Korea's top conglomerate Samsung Group has been at the center of an influence-peddling scandal that led South Korea's parliament to impeach President Park Geun-hye in December.

Tesla Motors, Inc. (NASDAQ:TSLA), Anthem, Inc. (NYSE:ANTM)
The shares are also 18% above their 50 day moving average and 29% above the 200 day moving average. Tesla this afternoon released its earnings report for the company's recent fourth quarter.

Two senior executives from electronics giant Samsung Group are taking responsibility for their involvement in the company's ongoing bribery scandal by offering to resign, according to a South Korean news agency. As such, his exit could throw the top leadership in chaos.

In November, Lee had said that he was coerced into making the payments (coerced by who though?) and promised that Samsung would ensure that payments like this are not made in the future. Samsung Group did not immediately comment on the report.

Were these executives to leave too, Samsung could be in trouble. Likewise, there's still no information on whether Samsung Group's Board of Directors (BoD) will accept their resignations and if it does, whether Chang and Choi will remain involved with the company in a different capacity.

During last month's investigation Samsung denied providing Choi and her associates with financial aid in return for favours, while Lee himself denied all charges, none of which have been proven in court. While most industry watchers believe Lee's arrest won't necessarily affect Samsung in the short term, the company's global strategy pertaining to mergers and acquisitions may be affected if Lee ends up getting a prison sentence.

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