Samsung boss arrested in South Korean corruption scandal

Conor Coyle Sharecast | 17 Feb, 2017 11:33 | | |

procedure-judiciaire-de-samsung-bioepis-contre-abbvie
  • 72,900.00
  • 0.83%600.00
  • Max: 73,100.00
  • Min: 72,700.00
  • Volume: 1,671
  • MM 200 : n/a
17:36 22/03/17

The de-facto head of South Korean electronics firm Samsung has been arrested on charges of bribery related to the ongoing corruption scandal in the country.

Samsung vice president Lee Jae Yong is the latest to be hit by the investigation, which has centred around impeached president Park Geun Hye and influential accomplice Choi Soon Sil.

Seoul's central district court sent out an arrest warrant for the executive on Thursday, after weeks of legal wrangling between prosecution lawyers and Lee's defence team.

A second petition requesting the arrest warrant for Lee was submitted by those in charge of the investigation into the corruption scandal. He was questioned by prosecutors in January but was not formally arrested.

The court said in a statement on Friday that it "acknowledged that it is necessary to arrest [Lee] in light of a newly added criminal charge and new evidence."

Prosecutors now have 20 days in which to issue formal charges against Lee, or the case against him will have to be dropped.

Park was impeached after allegations that she made agreements with Choi and her colleague Woo Byung Wo in order to pressure businesses in the country to donate to dubious foundations.

"We will do our best to ensure that the truth is revealed in future court proceedings," Samsung said in a statement.

More news

22 Mar Westminster attack: Parliament and London will carry on, says May

Theresa May preached a very British message in the wake of the Westminster terror attack on Wednesday night, saying Parliament and Londoners would be keeping calm and carrying on come Thursday morning.

22 Mar US close: Dow ends lower as scepticism over tax cuts grows

US stocks finished mixed on Thursday following downbeat trading in the previous session, as investors grew increasingly sceptical that President Donald Trump will be able to deliver on his promised tax cuts to boost business.

22 Mar Fitch downgrades Saudi Arabia over reform doubts

Ratings agency Fitch has downgraded Saudi Arabia's sovereign debt rating to 'A+' from 'AA-' as it expressed major doubts about the government's financial reform programme.

22 Mar Thursday preview: UK retail in focus with ONS data and Next finals

Retail is the focus for Thursday with official UK retail sales data and high street giant Next due to report is full year results.

22 Mar Small cap news round-up

EG Solutions's chief executive was confident on the company's outlook and pointing to a sustained momentum for contract signings year-to-date, as well as good visibility on revenues.

22 Mar Airlines fly lower amid EU Brexit warning and electronics ban

Airline shares tumbled on Wednesday after news of potential route restrictions post-Brexit combined with a US and UK ban introduced new restrictions on electronic devices for certain flights.

22 Mar London attack: Policeman among 5 dead in in Westminster outrage

Five people, including a policeman, were killed on Wednesday after a terrorist mowed down pedestrians in a car before attempting to continue his rampage inside the Palace of Westminster, police said.

22 Mar UK government to build four prisons to create 5,000 new places

The government has unveiled plans to build four new prisons in a bid to tackle overcrowding and replace Britain's ageing prison infrastructure.

22 Mar Brussels to block LSE-Deutsche Borse merger in coming days, reports say

London Stock Exchange Group's proposed merger with Deutsche Boerse will be blocked by European Commission antitrust regulators, according to reports on Wednesday.

22 Mar FTSE 100 movers: Kingfisher slumps; miners shine

Kingfisher slumped after its annual results beat the City's profit forecasts thanks to strong growth from its Screwfix chain, but the company sounded a cautious note on its outlook.