Samsung’s vice-chairman arrested on bribery charges
Lee Jae-Yong in custody on bribery and other charges related to political corruption scandal that triggered impeachment of President Park Geun-Hye
Seoul — Prosecutors on Friday arrested the de facto head of South Korea’s largest conglomerate, Samsung, on bribery and other charges related to a political corruption scandal that triggered the impeachment of President Park Geun-Hye. In a fresh blow to the electronics giant’s corporate image, a district court cited new evidence in approving the arrest warrant against vice-chairman Lee Jae-Yong, who oversees the family-run electronics giant in the absence of his ailing father. Among other allegations, Lee is accused of paying nearly $40m in bribes to a confidante of Park’s to secure policy favours. "It is acknowledged that it is necessary to arrest [Lee] in light of a newly added criminal charge and new evidence," a court spokesperson said in a statement. Samsung offered a measured response following the arrest as the company’s shares took a hit, dipping by about 1.5% in morning trade. "We will do our best to ensure that the truth is revealed in future court proceedings," the compan...
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