Samsung chairman arrested for bribery

by Brandon Russell | February 17, 2017

In January, Samsung heir Jay Y. Lee was accused of bribing South Korean President Park Guen-hye; now he has been arrested.

Bloomberg reports Lee has been taken into custody on allegations of bribery, perjury, and embezzlement.

Lee is being accused of directing Samsung subsidiaries to pay out over $30 million to Park’s confidante and related foundations. Ultimately, Lee wanted to secure the merger of two affiliates, which would have afforded him greater control of Samsung.

The charges are part of a larger corruption investigation, which alleges South Korea’s President Park extorted nearly $70 million from big business. She has since been impeached as part of the scandal.

This is the second time prosecutors have called for Lee’s arrest; the first attempt was rejected by a court due to a lack of evidence, Bloomberg said. Lee is expected to remain at a detention center in Seoul for the immediate future.

More bad news for Samsung

This isn’t the first scandal Lee has been attached to. The heir, who took over Samsung in the absence of his sick father, was in charge of the company during last year’s Galaxy Note 7 recall.

Previously, Lee told a court he never made any payments in return for preferential treatment, though he did confirm he had private meetings with Park.

Bloomberg says it could take up to 18 months for a trial and verdict.

Bloomberg Bloomberg

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Brandon Russell

Brandon Russell enjoys writing about technology and entertainment. When he's not watching Back to the Future, you can find him on a hike or watching...Brandon Russell enjoys writing about technology and entertainment. When he's not watching Back to the Future, you can find him on a hike or watching...