Published: Thu, January 19, 2017
Hi-Tech | By Merle Christensen

Seoul court considers arrest of Samsung de facto head


South Korean prosecutors are seeking the arrest of Samsung Group heir Lee Jae-yong over allegations of bribery involving President Park Geun-hye.

Prosecutors said Monday they would seek an arrest warrant for Lee on suspicion of bribery, embezzlement and perjury in connection with the scandal, which has already seen President Park impeached. A South Korean court will review the request on Wednesday and he is expected to appear before a judge who will take a look at the validity of calls for his arrest. They needed the support of the National Pension Service, the world's third-largest pension fund and a major Samsung shareholder, and prosecutors allege that Choi put pressure on the fund to support the deal - which it did.

A special prosecution team was established in December to investigate whether Samsung and other chaebol business groups contributed money to Choi Soon-sil, the Park confidant, in exchange for political favors.

"Samsung is a global company and this scandal will tarnish its brand globally", said Jung Sun-sup, head of corporate watchdog Chaebul.com, to the Financial Times in Seoul.

South Korean prosecutors say they have enough evidence to support their charges against President Park and Choi as "co-conspirators sharing profits" in the bribery. Moon Hyung-pyo, the administrator of the pension fund, was arrested a month ago on charges that he unlawfully constrained the reserve to back that merger when he was South Korea's Health Minister. "We are sure that the court will make a wise decision".

Samsung avoided what could have been a stunning fall for the princeling of the country's richest family who has been groomed to lead South Korea's most successful company.

Expanded World Cup can aid teams like us say Scots
The next FIFA World Cup will be held in Russian Federation in 2018, with the 2022 finals heading to Qatar. Mexico and Canada would seek automatic slots to the 2026 World Cup should they partner with the U.S.

Sony Entertainment CEO steps down to focus on Snapchat chairman role
As an early investor in Snapchat, co-founded by 26-year-old Evan Spiegel, Lynton has been on the company's board for four years. Today I will be announcing my resignation from Sony to focus on my position as Chairman of the Board of Snap Inc.

Paris Summit Urges Two-State Solution To Israeli-Palestinian Conflict
Australia also distanced itself from the closing statement and did not sign it. In her letter, "U.N. vote will end Israeli injustice" (Jan. 4) the Rev.

The spokesman said Lee was charged with having provided about 43 billion won (36 million US dollars) for Park's longtime confidante Choi Soon-sil.

If the court upholds the impeachment, a presidential vote will be held in 60 days, with Park immediately losing executive privilege that protects her from criminal indictment.

As others have pointed out, Lee's arrest likely wouldn't have a big effect on the day-to-day operations of the various businesses that make up the Samsung Group, even if it sidelines him for the time being.

Prosecutors have homed in on Samsung's contributions to entities linked to Ms. Choi, including a 1 billion-won horse for her daughter and millions of dollars for riding lessons.

Samsung came under criticism at that time, particularly from NY hedge fund and activist shareholder Elliot Management, who tried, unsuccessfully at the time, to block the deal.

Conglomerates are accused of giving a total of $70 million to two foundations run by Choi, ostensibly sports and cultural charities. Lee's legal issues could ultimately slow down larger strategic decisions at Samsung.

Like this: