Samsung Electronics Vice Chairman arrested for corruption

Jay Y. Lee

The Seoul Central District Court has issued a warrant against Samsung Electronics vice chairman, Lee-Jae Yong aka JY Lee in connection with the corruption probe involving South Korean President and her friend.

The same court turned down the arrest warrant request last month but granted it this time as prosecutors levelled more charges on Lee including “hiding criminal proceeds and violating the law on transferring assets abroad” and submitted fresh evidence.

Prosecutors claim Lee gave or promised 43 billion Korean won (US$36.3 million) to President’s friend for the government to back the merger of Samsung’s affiliates couple of years back.

Samsung President, SJ Park has been let off the hook, for now with court saying there is no need for his detention.

Samsung is yet undecided on whether to seek a bail or contest the arrest but both Samsung and Lee have denied no wrongdoing.

Source 1 | Source 2