South Korean prosecutors are seeking a warrant for the arrest of Jay Y. Lee, vice chairman of Samsung Electronics Co. Allegations against him include bribery and embezzlement,
Bloomberg reported.
Lee, also known as Lee Jae-yong, is accused of participating in payments made by Samsung to Choi Soon-sil, a close friend of South Korean President Park Geun-hye, in exchange for the government's support of a controversial merger of two Samsung affiliates, Cheil Industries Inc. and Samsung C&T Corp. The merger of the entities made it easier for Lee to gain control of Samsung Group, the Bloomberg report said.
A court must determine whether to approve the warrant, the article said. “The arrest warrant would let prosecutors continue their probe while Lee is detained. Formal charges and an indictment would follow,” the report said.
Samsung denied that the company sought favors in exchange for financial contributions, the Bloomberg article said.
Lee's father, Samsung Group chairman Lee Kun-hee, has been hospitalized since 2014. (Source: Bloomberg, Jan. 15, 2017.)
-
910 reads