South Korea Arrests Head Of Samsung Group For Involvement In Massive Corruption Scandal

The Logical Indian

February 17th, 2017 / 4:34 PM

Samsung Group Chief Arrested

Source: reuters  Image Source: forbes

Early on 17 February 2017, Samsung Group chief Jay Y Lee was arrested early over his alleged role in a corruption scandal. The scandal involves the highest levels of the South Korean government.

Last month, the same court had rejected a request to arrest Lee. But after additional charges (including bribery) were brought up against him, prosecutors sought his arrest again.


What is the political scandal about?

2016 was a tumultuous year for South Korea. The National Assembly (South Korea’s legislature) impeached the President, Park Geun-Hye, following revelations of corruption involving her friend Choi Soon-Sil.

Choi was branded as “the shadow President” for influencing Government decisions. Presently, Park retains the title of President while the Constitutional Court reviews the impeachment motion, but her unpopularity has split the ruling Saenuri Party.


Jay Lee’s involvement

Reuters reported that prosecutors have accused Samsung of paying $37.74 million in bribes to organisations linked to Choi Soon-Sil to secure the government’s backing for a merger of two Samsung units. That funding includes Samsung’s funding of Choi’s daughter, who is in detention in Denmark, having been on a South Korean wanted list.

Previously, in December 2016, the heads of South Korea’s top companies – including Samsung – were questioned in a parliamentary investigation into the scandal.


Implications

The decision was announced about 10 hours after Lee had left the court. “We acknowledge the cause and necessity of the arrest,” the judge said in his ruling.

“We will do our best to ensure that the truth is revealed in future court proceedings,” the Samsung Group said in a brief statement after Lee’s arrest.

Lee’s arrest adds to Samsung’s recent woes which have affected its market share and value. This includes last year’s humiliating fiasco involving the fire-prone Galaxy Note 7 smartphone.


Contributors

Edited by :

Share your thoughts..

Related Stories

North And South Korea Agree To Put An Official End To The Seven Decade Long War

South Korea: Former President Sentenced To 24-Yrs Jail Term On Charges Of Corruption

Head Of Samsung Group Accused Of Corruption Released From Jail After Court Reduces Sentence

Samsung Heir Found Guilty Of Corruption, Sentenced To 5 Year Imprisonment

Reports: Massive Corruption In Indian Cricket

Sex Ratio In South Korea

From Sex Ratio Worse Than India’s To One Equal To Canada’s: South Korea’s Journey

Latest on The Logical Indian

News

Elephant Population Decline: SC Asks States To Collect Data On ‘Captive’ Elephants

Fact Check

Fact Check: From Kanhaiya Kumar Embracing Islam To “Photo” Of Tipu Sultan

Awareness

Polio Vaccine Price Hiked; Govt Seeks Rs 100 Crore From A Foreign Donor

News

89 Fake Websites/Apps Spreading Misinformation On ‘Ayushman Bharat’, FIR Registered

Awareness

To Reduce Stubble Burning, IKEA Decides To Convert Rice Straw Into Household Wares

News

Pune: Man Duped Of Rs 93 Lakh After Sharing SIM Details With ‘Airtel Employee’ Over Phone

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.