Police In South Korea Seek Arrest Of Samsung Heir For Bribery And Other Charges

Posted: Jan 16 2017, 5:41am CST | by , in News | Latest Business News


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Police in South Korea seek arrest of Samsung Heir for bribery and other charges

Other's involved in the scandal have already faced charges and imprisonment

South Korean special prosecutors are seeking an arrest warrant for Samsung heir Lee Jae-yong on charges of bribery, embezzlement, and perjury. The charges are sought against Lee, who is seen as the defacto leader of Samsung, in connection with a scandal that has already led to the impeachment of President Park Geun-hye.

The special prosecutors in the case allege that Lee promised to give 43 billion won, about $36.3 million USD, to Park's friend Choi Soon-sil. Choi is currently in jail. The bribes were alleged to be to gain favor of the state-run pension fund for the merger of two Samsung affiliates. Samsung has signed a contract worth 22 billion won in August 2015 with a German firm owned by a woman at the center of the scandal.

This unnamed woman allegedly used billions of won in money sent to her by Samsung to fund equestrian training for her daughter. The money is viewed by prosecutors as bribes. Another 20.4 billion won was donated to two non-profit organizations that are allegedly linked to Choi, that money is viewed as a kickback. The prosecutors believe that Samsung supported Choi in return for the National Pension Service approving the contested merger of two Samsung subsidiaries. Those involved at Samsung have denied most allegations against them.

"In seeking the warrant, the investigation team concluded that establishing justice was more important than the possible impact it (the arrest) could have on the national economy," the spokesman said.

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