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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.