14 DAY TRIAL // A few days ago, we reported that South Korean prosecutors were seeking an arrest warrant for Samsung heir and vice chairman Lee Jae-yong. The heir attended a hearing this week at the Seoul court, and after seeking his arrest for a few weeks now, it seems that prosecutors have finally obtained it.
Korean media reported that Lee Jae-yong was arrested and physically detained on charges that include bribery to Korean President Park Geun-hye and some of her close acquaintances.
The Seoul Central District Court decided that there was enough evidence to arrest the Samsung heir, after he had managed to dodge another arrest earlier this year. The prosecution’s office continued the investigation and found new evidence that incriminated Samsung’s official. Lee Jae-yong is currently behind bars and as many as 18 months could pass until his trial starts.
Samsung Electronics’ vice chairman was charged with embezzlement, bribery, perjury, concealment of criminal proceeds, and illicit transfer of assets abroad. The prosecutor’s office also sought an arrest warrant for the CEO of Samsung Electronics, Park Sang-jin, but the court rejected it.
Samsung’s heir allegedly offered bribes of more than $35 million
Lee Jae-yong is accused of offering bribes of more than $35 million to a friend of the President in order to receive favors from Park’s administration for a 2015 merger between two Samsung affiliates. The special prosecutor’s office believes that the Fair Trade Commission and Financial Services Commission in South Korea pushed legislation in favor of Samsung and the Lee founding family.
Lee Jae-yong has denied the charges and stated that he was forced to make donations to organizations and even foundations controlled by acquaintances of the President. He added that he didn’t request any favors in return for his donations.
In a statement on Friday, Samsung Group said that the company would seek to ensure that the truth will be revealed in future court proceedings. Korean media says that other conglomerates have made donations to various foundations, which means that the investigation could expand to them as well.