fter months of speculation, accusation, and scrutiny, Samsung Group Chairman and CEO, Lee Kun-hee resigned on Tuesday.

In the post-Spitzer age, scandals based on shifty financial dealings - rather than bedroom dalliances – have taken on a throwback aura. Like Conrad Black before him, Samsung’s Lee Kun-hee’s now faces a stiff punishment for shady backroom maneuvers.

Last week, the embattled chairman was formerly indicted – though not arrested – with breach of trust and tax evasion. Additionally, bribery and slush fund accusations have abounded, though nothing has come of them. The charges came after a several-month parliamentary probe that had previously lead to hugely publicized raids at both Lee’s home and Samsung’s offices.

Lee took over the top spot at the South Korean technology powerhouse in 1987, succeeding his father and Samsung founder, Lee Byung-chul. In a brief televised press conference on Tuesday, Lee read his regrets from a prepared statement, apologizing to the South Korean public and promising to take both moral and legal responsibility for his actions. Amongst a barrage of camera flashes and backed by be-suited associates, Lee bowed at the podium and delivered the address in somber tones.

With the future of the company’s leadership still foggy, a number of other executives also stepped down, including Lee’s son – and, many thought, eventual successor - Lee Jae-Yong.

In total, 10 executives at the conglomerate have been indicted. Should Lee be convicted, he could reportedly face anywhere from 5 years to life in prison. Undeterred by the tumult, Samsung stocks finished the day with slight gains on the Korean and London Stock Exchanges. -S.T. NewsExtensions.com