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Samsung head arrested over bribery charges

Samsung head arrested over bribery charges

Lee Jae-yong, Samsung vice chair and son of chair Lee Kun-hee, has been arrested on charges of bribery in an investigation into South Korean President Park Geun-hye.

Lee Jae-yong, Samsung's vice chair and heir to the company's controlling family, has been arrested on charges of bribery following an investigation into South Korea's President Park Geun-hye.

Samsung's Lee Jae-yong, also known by the Anglicised name Jay Y. Lee, has been reported by local media as having been arrested early this morning following an appeal to the Seoul Central District Court by special counsel investigating alleged bribery and wrongdoing by South Korean President Park Geun-hye. The counsel claims that Lee offered bribes totalling £29 million to Choi Soon-sil, a close friend and confidant of President Park, in exchange for the government's backing of a merger between two disparate Samsung companies which allowed Samsung chair Lee Kun-hee to transfer control of the company to his son Jae-yong and continue the line of succession put in place by company founder Lee Byung-chul in 1969.

Lee Jae-yong stands directly accused of bribery, embezzlement, perjury, concealment of criminal proceeds, and illicit transfer of assets abroad. In addition to smoothing the merger process over, Lee's bribes are claimed to have resulted in the Korean Fair Trade Commission and Financial Services Commission pushing for policies which favour Samsung and its affiliate companies.

Lee, naturally, denies the charges, though admits to having transferred money to companies controlled by Choi Soon-sil under duress. Samsung, for its part, has stated only that it will work towards 'the truth [being] revealed in future court proceedings.' Samsung's share price closed 1.09 percent down in its most recent trading.

4 Comments

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Stanley Tweedle 19th February 2017, 12:14 Quote
I was one of the people he tried to bribe... offered me $2000 to tell people I liked Samsung phones and chubbyblets.
Vault-Tec 19th February 2017, 13:42 Quote
Quote:
Originally Posted by Stanley Tweedle
I was one of the people he tried to bribe... offered me $2000 to tell people I liked Samsung phones and chubbyblets.

:D
Wwhat 20th February 2017, 16:08 Quote
Denying it when there is evidence would be a bad idea, better to come clean and apologize a lot in a society like South Korea isn't it? Or is it like the US where you should always go silent?
Any way I'm not sure it's so 'naturally'
Mr_Mistoffelees 20th February 2017, 16:36 Quote
Maybe it is time for the South Korean government to clamp down on the power of the chaebols.
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