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Prosecutors in Korea want to arrest Samsung’s leader on bribery charges



Samsung is still getting over the Galaxy Note 7, but already an investigation into alleged bribery in its native South Korea is threatening to plunge it into yet another crisis.

Prosecutors in Korea today issued an arrest warrant for Jay Y. Lee, son of current company chairman Kun-Hee Lee and its de facto leader. Lee junior stands accused of bribery and embezzlement charges linked to Korean President Park, who was impeached last month, the Wall Street Journal reported.

Lee, it is claimed, funneled money to a close associate of Park’s in exchange in 2015 in exchange for support for the $8 billion merger between Samsung’s main holding company and its construction business. The deal was criticized at the time by shareholders and was widely seen as a move by Lee junior to consolidate his influence within Samsung.

A court will convene on Wednesday to decide whether to approve the arrest warrant, but already the charge is piling pressure on. Lee was summoned by prosecutors to answer questions last week.

The Samsung heir was nominated for a company board seat last year. He is thought to be behind recent changes made to appease unhappy shareholders, which could include the creation of a holding firm to manage the Samsung Electronics business.



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