Samsung Group chief Lee Jae-yong was formally arrested early on Friday over his alleged involvement in the corruption scandal involving South Korea's impeached President Park Geun-hye.
Prosecutors already sought Lee’s arrest last month but their request was rejected. The Seoul Central District Court eventually agreed to issue an arrest warrant on Friday after more charges were brought against him, including on bribery.
Samsung is accused of paying bribes estimated at around 43 billion won (37.5 million US dollars) to organizations operated by Park’s jailed confidante, Choi Soon-sil, in return for favors from the government and support for a controversial merger.
Yonghap news agency said Samsung admitted to making contributions to two nonprofit foundations allegedly controlled by Choi and her Germany-based firm, but denied such contributions were related to the 2015 merger.
In a brief statement after Lee's arrest, the Samsung Group said: "We will do our best to ensure that the truth is revealed in future court proceedings."While the Seoul court issued an arrest warrant against Lee on Friday, it rejected a request to arrest Samsung Electronics President Park Sang-jin.
Shares in Samsung Electronics opened down 1.2 percent on Friday, while shares in Samsung C&T Corp, the de facto holding company of Samsung Group, opened down 3.2 percent compared with the wider market's drop of 0.45 percent.The leadership vacuum is expected to put most of the group’s new business and investment plans on hold, at least temporarily.
South Korea’s main opposition Democratic Party expressed hope that the arrest of Lee will help in eradicating corruptive ties between businesses and the government.
Hi. I’m Sana ur Rehman Designer of This Blog. I’m CEO/Founder of Pak Zest. I’m Creative Art Director, Web Designer, UI/UX Designer, Interaction Designer, Industrial Designer, Web Developer, Business Enthusiast, StartUp Enthusiast, Speaker, Writer and Photographer. Inspired to make things looks better.
0 comments:
Post a Comment