News Worms
News Worms


Samsung Head Facing Arrest

Samsung Head Facing Arrest

In their second attempt, a spokesman for the special prosecutor said Tuesday that they found evidence of Lee concealing profit gained through criminal acts and hiding assets overseas.

Lee, vice chairman of Samsung Electronics and son of the Samsung group head Lee Kun-hee, is accused of paying almost $40m in bribes to Park's secret confidante to secure policy favours.

A court in South Korea has approved the arrest of Samsung's heir apparent Lee Jae-yong, accused of bribery, embezzlement and perjury, APA reports quoting BBC.

The 48-year-old, described as a key suspect in the scandal, narrowly avoided being formally arrested last month, after the court ruled there was insufficient evidence. It is fairly likely that Jay will get an automatic get out of jail free card even if he is convicted. The scandal has rocked South Korea with millions of people taking to the streets in protest.

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Park is suspended from duty but is still protected by her position pending a final ruling on her impeachment by the Constitutional Court.

The powerful vice chairman of the Samsung Group faced an hours-long wait in detention on Thursday as a court decided his fate in relation to the corruption scandal that has engulfed South Korea, local media said.

"It is very regrettable that the court granted an arrest warrant against Vice Chairman Lee, although there is no flight risk or destruction of evidences", a Samsung official said.

Samsung Electronics Co Ltd President Park Sang-jin, for whom the prosecution has also requested an arrest warrant, also appeared at the special prosecutor's office on Thursday. An approval would also help bring bribery charges against President Park.

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Park was impeached by parliament in December over accusations that she colluded with a friend, Choi Soon-sil, to pressure big businesses to donate to two foundations set up to back the president's policy initiatives.

Samsung has "never" offered bribes to the president expecting something in return nor has it sought wrongful favors, the company said.

Some group watchers dismissed that likelihood, noting that Lee Boo-jin does not have experience at the flagship Samsung Electronics or hold a significant stake in the company.

With more than three decades at Samsung, Choi has been deeply involved in preparing a plan for Jay Y. Lee to assume control of the group from his father, who was incapacitated by a 2014 heart attack. Its offices have been raided several times on suspicion that the presidential office influenced the decision by South Korea's state-run pension fund to back Samsung's merger plan a year ago.

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The merger in 2015 of Samsung C&T and Cheil Industries was opposed by many investors who said it wilfully undervalued the former unit's shares.

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