Embattled Samsung Group Chairman Lee Kun-hee says will step down from his post to take responsibility for a scandal rocking South Korea’s biggest conglomerate.

The announcement Tuesday comes after special prosecutors last week indicted Lee on tax evasion and other charges following an independent counsel probe into the conglomerate’s operations.

Samsung is South Korea’s biggest industrial group, with interests in dozens of businesses including electronics, shipbuilding and construction. Samsung Electronics Co. is its flagship corporation.