Lee Kun-hee plays it again, Samsung - Mike Magee pic

The disgraced chairman of the Samsung Group is returning to be the chairman of Samsung Electronics.

Lee Kun-hee, who is 68 years old, stepped down from the group chairman post two years ago after authorities investigated his part in transferring corporate assets of the Korean chaebol to other members of his family.

Lee is the son of the founder of Samsung. Meanwhile, his son Jae-yong, is the chief operating officer of Samsung Electronics and some think he could become a future leader of the Group.

Lee was given a suspended sentence of three years in jail, but last year the South Korean president pardoned him. South Korea is making a bid to host the 2018 Winter Olympics and Lee was instrumental in the International Olympics Committee (IOC) before his fall from grace. After the pardon he again became a member of the IOC.

Samsung is a lead sponsor of the Olympics.

Samsung issued a statement painting Lee as a messiah for a company that could find itself in trouble in the next 10 years if it doesn't re-invent itself.

Although Lee is now rehabilitated, he won't hold a formal position on the Samsung Group board.