Lee Kun-hee, Chief of the ever popular Samsung Corporation, has decided to step down from his position after a tax scandal.

Previously considered to be South Korea’s most powerful businessman, Kun-hee reported his decision to stand down after two decades at the head of the Samsung Group following his indictment last week involving tax evasion and a breach of trust.

As stated on Reuters:

The televised announcement by Lee Kun-hee, 66, who has achieved almost heroic status in South Korea for his role in the fortunes of Samsung, came as a shock even in a society long used to its top businessmen being hauled into court. But analysts pointed out Lee and his family still control the country’s largest conglomerate, sometimes dubbed the “Republic of Samsung” and whose dozens of affiliates account for around a fifth of South Korea’s exports.

Although a few spokesmen from Samsung have tried to cover up the scenario a bit by using other exuses, such as that the reshuffle was nothing more than the start of process that would give its companies more transparency, it is unfortunate nonetheless.