South Korean billionaire Lee Kun-hee announced his decision to step down as chairman of Samsung, the Asian country’s largest conglomerate and one of the largest super-multinationals in the world leading several major global industries.

The 66-year-old mogul has taken the decision to quit his position after being charged by prosecutors with tax evasion and breach of trust.

The billionaire announced his decision on national television Tuesday and in his farewell speech he said that by renouncing to the position of Samsung’s chairman he leaves behind "all the faults of the past," an expression by which he probably referred to the alleged bribery and corruption charges brought against him.

Lee’s announcement caused the shares in12 out of 15 listed Samsung companies to decrease. The fall of Samsung shares dragged the Seoul benchmark index down 0.7%, or 12.99 points, to 1,787.49 points on Tuesday.

Samsung Electronics, the world's largest maker of memory chips, was one of the few affiliates of the conglomerate to end the day higher, up 0.2%, to 675,000 won ($675.79).

The billionaire’s son, who was working in the company, also resigned.

"I have regrets. But I think this is time for me to leave, taking all the mistakes of the past with me," said Lee in his TV address.

Lee Kun-hee headed Samsung Group for the past two decades. He is a businessman who played a key role in transforming Samsung from a little-known vendor of second-rate electronics into a giant manufacturer of mobile phones, LCD panels and memory chips with a worldwide known brand name.

In his statement Lee said that he would "take full responsibility, both moral and legal."

Prosecutors started the investigation after a former employee of the company said that Samsung had bribed senior South Korean government figures.

The former employee also said the company had a $200 million fund for bribery and stake building and the main the purpose of the fund was to facilitate the cementing of Lee’s son position as heir to the giant company.