The heir to a business Empire Samsung Lee Jae-Yong arrested
The heir to a business Empire Samsung Lee Jae-Yong was arrested on charges of corruption. The leader of the largest conglomerate in South Korea is involved in a huge political corruption scandal that shook the country.
Early Friday morning, a judge in Seoul has granted the request of prosecutors and issued the arrest warrant for Lee, said the Prosecutor's office. This means that Lee will be in prison where he will await the court's decision. Prosecutors allege that the contractor has promised tens of millions of dollars to win the favor of President Park Geun-Hye and the government turned a blind eye to the transfer of the steering post of the Corporation in the inheritance. Lee was accused of perjury, concealment of proceeds of crime, embezzlement and concealment of assets abroad. Samsung and Lee denied the charges.
"We will do everything possible to ensure that the truth will be revealed in future litigation," said Samsung in its statement on Friday after a judge approved the arrest warrant for Lee. The judge rejected the request for extradition of a warrant of arrest sang Jin Park, President of Samsung Electronics (SSNLF). Li is Vice Chairman of Samsung Electronics. Samsung Electronics shares fell 2% in Seoul on Friday after Lee was arrested.
Prosecutors have tried to arrest Lee in January, but the judge rejected the request, citing a lack of evidence. At the time, prosecutors promised to "unswervingly" continue its investigation.
The scandal drove hundreds of thousands of South Korean protesters into the streets and prompted the lawmakers to vote for the impeachment of the President. Other South Korean companies are under investigation.
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