Samsung vice-chairman arrested on allegations of bribery

Share on facebook
Share on twitter
Share on linkedin
Share on email

Samsung vice-chairman and heir to the business, Lee Jae-yong has been arrested on allegations of bribery and other offenses in South Korea.

The firm is accused of paying a bribe to to secure a merger between Cheil Industries and Samsung C&T.

The merger’s success hinged on the National Pension Fund agreeing to it.

Samsung is accused of paying a 43 billion won bribe to secure the merger.

The allegations form part of a much larger investigation which alleges that Choi Soon-sil leveraged her relationship with President Park Geun-hye to garner donations for non-profits she had set up with a view to taking those donations for herself.

Back in January a South Korean judge ruled that an arrest warrant for Jae-yong would not be granted saying, ““It is difficult to acknowledge the neccessity and substantiality of an arrest at this stage…”

However, the vice-chairman was questioned again this week and a court said today that it, “acknowledged that it is necessary to arrest [Lee Jae-Yong] in light of a newly added criminal charge and new evidence” the BBC reported.

The prosecution now has 20 days to file formal charges. As the BBC reports, Jae-yong has only been arrested because it considers the crime that has potentially been committed as very serious and assumes the chairman is a flight risk.

Samung has reportedly denied any wrong doing but says it will do its best to make sure the truth is revealed in court proceedings.

[Via – BBC]

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.

NEWSLETTER

BE THE FIRST TO KNOW