South Korea: With Samsung chief’s arrest, three executives in spotlight
Author(s): Se Young Lee, Miyoung Kim, Hyunjoo Jin, Ju-min Park | Date: February 16, 2017 | Language: English
Source: http://www.reuters.com/ | URL: https://goo.gl/CrqXcO | Type: Text
A South Korean court on Friday ordered the arrest of Jay Y. Lee, the 48-year-old head of the Samsung Group, on suspicion of bribery and other charges in a corruption scandal that led parliament to impeach President Park Geun-hye.
Prosecutors accuse Lee in his capacity as head of South Korea’s largest conglomerate, or chaebol, of pledging 43 billion won ($37.74 million) to a business and organizations backed by Park’s friend, Choi Soon-sil, in exchange for support of a 2015 merger of two Samsung companies.
Samsung and Lee have denied wrongdoing in the case. Park, whose impeachment will be upheld or overturned by the Constitutional Court, has also denied wrongdoing.
Samsung watchers have said Lee’s arrest would not affect the day-to-day running of group companies including Samsung Electronics Co Ltd (005930.KS), which are run by professional managers, but a prolonged absence could impact longer-term and strategic decision making.
This is a text block. Click the edit button to change this text..