The comeback of the disgraced tycoon comes only 23 months after he resigned as group chairman in April 2008 due to a criminal investigation on several allegations, including bribery and corruption.

Lee's new role is also expected to help Pyeongchang's bid to host the 2018 Winter Olympics and Paralympics as Samsung is a leading multi-million dollar sponsor of both the IOC and International Paralympic Committee (IPC).

They recently extended their deal with the IOC to sponsor the Games until 2020.

Lee was controversially given a New Year pardon by South Korean President Lee Myung-bak so that he could regain his IOC membership and help lobby on Pyeongchang's behalf.

He had been convicted in July 2008 of failing to pay $39 million (£24 million) in taxes, following allegations he hid money in accounts held under the names of aides, which led to him being fined 110 billion won (£58 million), a South Korean record, and given a three-year suspended prison sentence.

Rhee In-yong, chief spokesman for Samsung Electronics, said: "Chairman Lee will assume the post of the chairman of Samsung Electronics today."

Rhee revealed that a council of Samsung chief executives had discussed Lee’s return twice last month and decided that they needed him to help them cope with the current economic crisis.

Lee initially turned down the offer to return, it is reported, claiming "the time is not ripe" before changing his mind earlier this month.

He said: "We are facing a real crisis now.

"Leading global companies are collapsing.

"Nobody knows when Samsung will face the same fate.

"Products that represent Samsung will disappear within 10 years.

"We will make a new start. We cannot afford to hesitate.

"Let’s march forward looking ahead."

But Lee also confirmed that he planned to play a leading role in Pyeongchang's Olympic bid, where they are facing rivals Annecy and Munich.

He said: "We also look forward to raising the country's hopes for winning global events that have national significance."

Pyeongchang is bidding for the third time having narrowly lost to Vancouver to host the 2010 Olympics and Sochi 2014.

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