Samsung gets its chairman back

Former chairman of the Samsung Group Lee Kun-hee - who was a convicted swindler before getting a handy presidential pardon - is to return to the Group as chairman of Samsung Electronics.

Lee Kun-hee's father founded Samsung and he himself headed the Korean electronics giant for 20 years before stepping down in April 2008 - just three months before landing a three-year suspended sentence for making secret payments to family members.

Spookily, Lee's son Jae-yong is now the chief operating officer of the company.

Mr Lee received a presidential pardon in December last year, as it seemed he might be useful to South Korea in its bid to host the 2018 Winter Olympics.

The pardon means he is able to return to the Samsung fold. The chaebol delivered a statement to the effect that the "best companies in the world are collapsing. We don't know what is going to happen to Samsung too."

"In the coming 10 years, businesses and products that represent Samsung today will mostly disappear," the firm said, for some reason. Possibly to give the impression it is desperate.