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.

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.

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.

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.

follow

editors' picks

February 17, 2017
HTC's Next VR Headset Could Be For Phones
HTC has posted net losses of NT$3.1 billion (US$100.49 million) or NT$3.77 per share for the fourth quarter of 2016. Last year, smartphone-powered Gear VR sold 4.5 million units, while the Vive could sol only 400,000 units.

February 17, 2017
Nicole Kidman Just Confirmed That She Was Once Engaged To Lenny Kravitz
In the new issue of Net-a-Porter's The Edit , Nicole Kidman dropped a bombshell about her relationship with Lenny Kravitz. In fact, she and her husband even crossed paths with Lenny at the 2013 CMT Music Awards!

February 17, 2017
Ghost Recon Wildlands open beta begins next week
The Ghost Recon Wildlands open beta is nearly here, and will be coming out over a week before the game releases in early March. You just need to have played the betas using the same account and get a copy of the game before March 31st.

February 17, 2017
President Trump to hold press conference
Several Republican senators were said to have had reservations about confirming his nomination , according to ABC News. After working for about a year on the NLRB, he was appointed as an assistant attorney general for the U.S.

February 17, 2017
Canada Goose IPO Coming Soon
The company also wants to expand further into other countries, especially China, where its coats are quite popular. It plans to list it on Toronto Stock Exchange as well as New York Stock Exchange with GOOS as symbol.

February 17, 2017
Trump is freezing out the mainstream media. That should scare you
Republicans have joined congressional calls for an investigation into Mr Flynn's contacts with Russian Federation. The controversy comes as Mr Trump and his leading advisers seek to steady the White House after a rocky start.

February 16, 2017
United States ethics office: Investigate Kellyanne Conway for promoting Ivanka Trump products
The only defense the White House has offered for Conway's promotion of Ivanka's products was that it was intended as lighthearted. Shaub gave the White House until February 28 to respond with the findings of their investigation.

February 16, 2017
UK Workers back Tata Steel Rescue Plan
This would help find a "sustainable solution for the British Steel Pension Scheme", said Roy Rickhuss, General Secretary of Community.

February 16, 2017
Bayern Munich humiliate Arsenal with second-half goal blitz
The Die Roten will once again play a familiar foe in the Gunners in the last-16, with the first leg at the Allianz Arena .

February 16, 2017
Get your party hats on because Justin Bieber is coming to India
Right after its release, it was the most streamed album on Spotify in one week with " What Do You Mean " as the most played song. Justin Bieber also holds the record for the highest most Twitter followers for any male user.