Samsung Electronics Co. Ltd., in an annual meeting with its shareholders, apologized for its recent involvement in a corruption scandal and for the controversy surrounding its now discontinued Galaxy Note 7 smartphone, The (London) Daily Telegraph reported March 24.
Kwon Oh-hyun, vice chairman of the Samsung Group unit, told shareholders: "I'm sorry for the scandal. I apologize once again for the mistake with the Note 7 last year. It was a failure that arose from trying new technology."
When it came to the South Korean corruption scandal, which led to the impeachment of then-President Park Geun-hye and the indictment of Samsung's heir apparent Lee Jae-yong and other executives, Kwon insisted on the company's innocence, saying it did not commit bribery through donations, according to the report.
"It was a donation that was traditional and customary," he said, adding that the company's "auditing committee found it was executed through normal procedures."
As a precaution, Samsung will require board approval for any donation valued above 1 billion South Korean won, the report said.
As of March 24, US$1 is equivalent to 1,117.65 South Korean won.