Samsung to tighten control over donations following arrest of vice chairman Lee

Following the recent arrest of Samsung Electronics' vice chairman Jay Y. Lee, today the company has pledged to ramp up control for any future donations or financial support made to third-parties.

In order to achieve that, the South Korean tech giant will implement several strict measures. Any financial payments above 1 billion won ($882,460) will be reviewed by a committee of "independent directors" and then publicly disclosed. Previously, only payments or donations of 680 billion won (about $600,773,200) or more to third parties were subject to such board reviews.

This ...