“The acting head of Samsung is to be indicted on bribery and embezzlement charges connected to a corruption and cronyism scandal centring on South Korea’s impeached president, Park Geun-hye,” Justin McCurry reports for The Guardian. “Lee Jae-yong and four other Samsung executives will almost certainly face trial over accusations that South Korea’s biggest conglomerate donated millions of dollars to foundations run by a close friend of Park’s in exchange for government favours.”
“Later on Tuesday, Lee, who is officially Samsung’s vice-president but has in effect run the company since his father suffered a heart attack in 2014, will be charged with bribery, embezzlement, hiding assets overseas and committing perjury before parliament, prosecutors said on the final day of their investigation into a scandal that has rocked the country’s political and business worlds,” McCurry reports. “The four executives, who all face the same charges as Lee except perjury, are the Samsung group’s vice-chairman, Choi Gee-sung, and president, Chang Choong-ki, as well as Samsung Electronics’ president, Park Sang-jin, and executive vice-president, Hwang Sung-soo.”
“The firm, whose group revenues are equivalent to a fifth of South Korea’s GDP, has so far declined to comment on the charges,” McCurry reports. “The scandal has ensnared government officials and business figures, and could soon topple Park, the daughter of a former South Korean dictator. She became the country’s first female president in early 2012.”
Read more in the full article here.
MacDailyNews Take: We’ll be pleasantly surprised if actual convictions and any meaningful sentences occur in the Republic of Samsung.
Samsung is intertwined into South Korea like a stage IV cancer.
SEE ALSO:
South Korean court approves arrest of Samsung heir Lee Jae-yong – February 16, 2017
South Korean prosecution again seeks arrest of Samsung chief – February 14, 2017
Samsung heir Lee Jae-yong escapes arrest in massive bribery scandal – January 20, 2017
South Korea attempting to handicap Apple by demanding the removal of preinstalled apps like the App Store – July 7, 2016
Korea Fair Trade Commission clears Samsung’s use of standard-essential patents against Apple – February 27, 2014
South Korea, the Republic of Samsung – December 10, 2012
Welcome to South Korea, the ‘Republic of Forgery’ – September 11, 2012
Samsung’s ‘Instinct’ is obviously to make Apple iPhone knockoffs – April 1, 2008