GTB 737 banner Yudala banner

Samsung chief arrested in bribery probe

By News Express on 17/02/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 425

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


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Commission promotes police commissioner, others

Boko Haram ambushes troops; Army confirms death of...

N35bn National Housing Programme in Delta threatened

Police bans use of siren by unauthorised persons...

BJ zoom into Edo FA Cup final (BJ...

Fallout of offensive goal celebration: West Brom sack...

Police lied; over 100 died in collapsed Uyo...

State Governors take stand against MTN, say it...

The almighty politicians, By Tola Adeniyi

Buhari backs out of Sambisa trip

Biafra: Anambra elders lambast Achebe’s critics, insist that...

Ikpeazu signs N101.4 billion Abia 2016 Budget into...

 

Latest News Why 2017 Hajj fare is high: NAHCON OPEC moves to cap Nigerian oil output, boost compliance Police sack 3 officers for corruption Official Results: APC sweeps all chairmanship seats in Lagos LG polls Controversial book Nelson Mandela’s last day withdrawn following widow’s outrage Lai Mohammed mourns Adebayo Faleti, calls him a colossus in his time Nigerian academic ambassador Ademola Oluwaranti wins British excellence award We’re drinking our oil and eating our children’s future Power play in Aso Rock: Osinbajo vs Buhari’s men •Vital documents kept away from Osinbajo — Presidency source Magu, Governors shun anti-corruption rally Hard times hit insurance firms; 23 out of 56 post losses Production cut looms for Nigeria, Libya as OPEC, other oil stakeholders meet in Russia

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (266,548 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (247,396 views) Shameless Genevieve Nnaji exposes breasts in public (201,558 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (172,556 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (169,377 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (151,164 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (130,817 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (123,535 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (115,315 views) Lagos plane crash: Journalist releases victims’ names (107,417 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (107,095 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (99,712 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,638) Business Verdict (18) Columnists (715) Complaints & Requests (92) Enterprise & Opportunities (165) Entertainment (345) Features (470) Global Business Monitor (163) International (1,462) Interviews (126) Live Commentary (28) Love Matters (64) News (26,743) Opinion (758) Pidgin (8) Politics (3,819) Religion (581) Sports (1,287) Stock Watch (20) AMA & Al Jazeera Global Update

 

CBN words on marble advert

 

 

Senator Adeleke on the dancing steps in London

 

APO Newsbreak logo

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!