Fidelity bank banner Bayelsa State banner
Samsung chief arrested in bribery probe

By News Express on 17/02/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 990

Samsung heir Lee Jae-yong.
Samsung heir Lee Jae-yong.

  The heir of South Korean company Samsung has been arrested as part of an investigation into corruption and influence-peddling that caused President Park Geun-hye to be impeached.

The Seoul Central District Court’s decision on Friday to issue a warrant to arrest Lee Jae-yong, 48, makes him the first leader in Samsung’s history to be arrested on criminal charges.

Lee, vice chairman of Samsung Electronics and son of the Samsung group head Lee Kun-hee, is accused of paying nearly $40m in bribes to Park’s secret confidante to secure policy favours.

“It is acknowledged that it is necessary to arrest [Lee] in light of a newly added criminal charge and new evidence,” a court spokesman said in a statement on Friday.

He was already being held at a detention centre after appearing in court on Thursday as judges deliberated whether to issue an arrest warrant.

Samsung is South Korea’s largest business group and its revenue is equivalent to about a fifth of the country’s GDP.

Second arrest bid
Lee had been interrogated several times over his alleged role in the scandal that has rocked South Korea in recent months.

He had narrowly avoided being formally arrested last month, after the court ruled there was insufficient evidence.

But prosecutors on Tuesday made a second bid for his arrest, saying they had collected more evidence in recent weeks.

His arrest is likely to send shock waves through the group, which is a major part of the South Korean economy.

Samsung Electronics, the world's largest smartphone maker, is already reeling from the debacle over the recall of its Galaxy Note 7 device and reports have suggested it could face sanctions from overseas authorities if Lee is punished.

The scandal centres on Choi Soon-sil, who is accused of using her close ties with Park to force local firms to “donate” nearly $70m to non-profit foundations which Choi allegedly used for personal gain.

Samsung was the single biggest donor to the foundations. It is also accused of separately giving millions of euros to Choi to bankroll her daughter’s equestrian training in Germany.

The court is also deliberating an arrest warrant for another Samsung executive, who is also the head of Korea Equestrian Federation, over bribery charges.

Controversial merger
Samsung said in a statement on Wednesday it had “not paid bribes nor made improper requests to the president seeking favours.”

Lee has effectively taken the helm of Samsung since his father suffered a heart attack in 2014.

Prosecutors are investigating whether Samsung had paid Choi to secure state approval for the controversial merger of two Samsung units seen as a key step towards ensuring a smooth power transfer to Lee.

The merger in 2015 of Samsung C&T and Cheil Industries was opposed by many investors who said it wilfully undervalued the former unit’s shares.

But the deal went through after Seoul’s state pension fund – a major Samsung shareholder – approved it. (AFP)

Source News Express

Posted 17/02/2017 1:27:59 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
African Union plans single passport for all Africa...

Katsina to employ 1,000 security guards for boarding...

Countdown to Armageddon

2015: Igbo group in Lagos endorses Buhari, Ambode...

FG to establish 6 new varsities of science...

Asaba, poorest state capital in Nigeria: Sheriff

Boko Haram beheads two in new video

Emir calls Bauchi Govt to provide fertilisers for...

Oil rises as Nigerian pipeline leak overshadows supply...

World Bank team ranks Edo high on transparency,...

EFCC arrests oil vessel

FG raked in N5tn as federally collected revenue...

 

Latest News Airways passengers catch couple having sex in seat behind them Court order: Why we’ve not arrested Uwazuruike — Police Boko Haram attacks Borno military barracks Student kills parents, self over eczema US, Europe told to impose sanctions on Nigeria over killings of Biafra protesters •No going back on petition to ICC, says HURIWA 2019: Over 100 parties to contest, registered voters top 80m — INEC Offa Robbery: NOPRIN warns against compromise, cover-up Unemployed graduates hail Dickson as Bayelsa begins recruitment of 1,000 fresh civil servants Sarasuka gang leader, 32 others in police net Why I want to be Osun Governor – Reps Deputy Speaker, Lasun Cameroonian separatists have killed 84 troops since Sept. 2017: Government APC national convention: Fears over parallel delegates

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,253 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (351,577 views) Shameless Genevieve Nnaji exposes breasts in public (280,185 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,062 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,046 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (208,747 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (181,791 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (163,889 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (153,910 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,597 views) Lagos plane crash: Journalist releases victims’ names (143,827 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,656 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,258) Business Verdict (44) Columnists (868) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (505) Features (607) Global Business Monitor (283) International (2,044) Interview (154) Live Commentary (28) Love Matters (124) News (36,364) Opinion (1,004) Pidgin (10) Politics (5,295) Religion (770) Sports (1,552) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Portugal v Spain 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement