Insta
Chaebol Scion Jay Y. Lee, Samsung Chief Arrested As Corruption Scandal Rocks South Korea
Swarajya Staff
Feb 17, 2017, 12:30 PM | Updated 12:30 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
As part of South Korea’s crusade against corruption, Jay Y. Lee the Group chief of Samsung was arrested in connection to a scandal involving many powerful government officials in the country.
The 48-years old heir of the country's richest family is a suspect in the influence-peddling scandal which provoked the Parliament to impeach President Park Geun-hye last December. She is the country's first democratically elected leader to be forced out of office.
As per a Reuters report, the prosecutors have ten days to indict Lee after which a court would be required to make a ruling within three months. The special prosecutors' office informed the media that while economic situation of the country is of importance but upholding justice takes primacy.
This detention of Jay Y. Lee was preceded by his father Lee Kun-hee being handed a three-year suspended jail sentence in 2009 for tax evasion. However, he was later pardoned. The Korean tech giant was going through an ongoing restructuring to clear a succession path for Lee to assume control after his father was suffered from a heart attack in 2014. But this arrest further complicated that process.
Things have not been good for Samsung since last year as it was tackling the disastrous rollout of its Galaxy Note 7 which were prone to fires. The prosecutors’ focus has been on Samsung's relationship with President Park, accusing the group of paying bribes to obtain government backing for the controversial 2015 merger of two Samsung units.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.