Samsung Group Chief arrested over Corruption and Bribery Charges

Samsung Chief Lee Jae-yong arrested

Samsung Group chief Jay Y. Lee has been arrested on the allegations of bribery, perjury, and embezzlement. The South Korean District court approved a warrant to arrest Lee. Samsung and Lee, both have denied any wrongdoing in the case.

Last month, the special prosecutor of South Korea sought the arrest warrant of Jay Y. Lee for bribery but was denied by the court. Following the admission of additional evidence in the court, Lee was taken into custody where he is being held in a detention center.

Samsung Group, World’s largest smartphones, and memory chips manufacturer, has been involved amid corruption scandal since last year when the confidant Ms. Choi who has been indicted in an influence-peddling scandal.

In November Samsung Executive President Chang Choong-ki and other top execs were called into questioning followed by a raid on Samsung Group offices.

The company is suspected of funneling $3.1million into German company owned by Soon-Sil which pays for her daughter’s riding lessons. At the parliamentary hearing last December, Lee confirmed that he conducted private meetings with Park and also gifted a horse worth 1 billion won ($875,500) to Ms. Choi’s daughter.

The $8 billion merger of Samsung C&T and Cheil Industries in 2015 has also been called into question as the circumstances of the merger have been deemed mysterious.

Previously, Jay Y. Lee was brought into questioning as well. He is accused of paying total bribes of 43 billion won ($36.42 million) to different organizations that are linked to Choi Soon-Sil to secure the merger with Cheil Industries.

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