Wednesday, 18 January 2017

Samsung’s Woes Continue As Its Global Vice Chairman May Be Arrested

It seems Samsung's woes aren't over yet as Jay Y. Lee, the Korean Company's Global vice chairman and acting head, may be arrested for attempting to bribe the President of South Korea. 


This is allegedly coming after the impeachment of President Park Geun-hye in December, following reports of corruption.

Allegedly, Ms Park’s aide, Choi Soon-sil, used her position to request funds from many business conglomerates to two foundations she runs

Mr Lee has been accused of asking Samsung subsidiaries to make multimillion-dollar donations to those foundations, and others owned by Ms Choi and her family, in return for political favors.

“If Mr Lee is arrested, it will be a landmark in South Korea’s efforts to fight corruption in the country’s powerful family-controlled conglomerates,” wrote The New York Times, “And could disrupt his efforts to inherit management control of Samsung.”


President Park and Ms Choi have denied any wrongdoing, while Mr Lee claims Samsung’s donations were involuntary, suggesting the company was extorted.

According to The New York Times ,  an arrest warrant for Mr Lee has been called for but that it could take a few days for the Seoul court to decide whether to issue it.

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Samsung’s Woes Continue As Its Global Vice Chairman May Be Arrested
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