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

Written by :

Edited by :

Related Stories

French NGO Rafale

French ‘Anti-Corruption’ NGO Registers Complaint To Probe Corruption In Rafale Deal

Assam Lynching: Police Arrests Prime Accused; Total Number of Arrests Rise To 64

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

severed head

Man’s Severed Head Found In Telangana’s Nalgonda District, Police Arrests Suspect

Latest on The Logical Indian

Get Inspired

24-Yr-Old Scientist’s Journey From One-Room House In A Slum To One Of World’s Best University

Good Governance

Sports Minister Assures Support To 24-year-old Runner After His 100 Mtr In 11 Second Video Goes Viral

News

‘Cauvery Calling’ – A Solution To Revive The River & Lessen Farmers’ Distress

News

Uttar Pradesh: In-laws Beat Woman, Pour Acid Into Her Mouth For Not Fulfilling Dowry Demand

News

Rupee Becomes Asia’s Worst Performing Currency In August

My Social Responsibility

This Civil Engineering Graduate Started Cleaning Garbage Dumps & Went On To Create Guinness World Record Cleanliness Drive

x

Stories that deserve attention, delivered to your inbox!

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