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Samsung Electronics chief apologized

"I am sorry for the scandal," said Oh-hyun Kwon chief executive at the company annual meeting in Seoul. 

Vice president of Samsung Jay Lee is accused of bribing a friend in exchange for the support of the government.

Jay Lee is currently in prison awaiting trial.

Samsung said that they did not pay bribes in the form of donations, but vowed to improve corporate governance of the company.

The world's largest smartphone-maker also considered the implications of last year's failure with the Galaxy Note7.

Samsung had to abandon smartphone production after some of them caught fire in users' hands.

"I apologize again for the mistake with the Galaxy Note7 last year. It was a failure that arose due to the use of new technology," said Kwon.

The company fiasco, according to preliminary estimates has cost Samsung $6 billion.

Future plans 

Samsung Electronics also announced on Friday that would not be changing its corporate structure.

The company is under pressure from investors who insist on the simplification of the ownership structure.


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