Samsung Heir Arrested On Bribery Charges
Feb 17, 2017, 8:20 AM by Eric M. Zeman
Jay Y. Lee, a top executive at Samsung, has been arrested after a judge agreed that the special prosecutor's allegations of corruption warranted legal action. Lee has been under investigation for months over $37 million in payments that investigators say were used as bribes. The special prosecutor is also charging Lee with perjury, embezzlement, and hiding assets overseas. Lee has for the last several years been groomed to take over the company following the heart attack of his father. Some of the money, allege the prosecutors, was used to grease a contentious merger between two Samsung businesses that helped pave the way for Lee's ascension. The scandal has gripped South Korea since last year, as President Park Geun-hye is also involved. In a brief statement, Samsung said, "We will do our best to ensure that the truth is revealed in future court proceedings." Lee wasn't necessarily involved in managing the day-to-day operations of the company, but was involved in top-level decision making. Samsung may have to reorganize its executive structure to account for Lee's potential absence.
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