14 DAY TRIAL // Last month, we reported that Samsung’s heir Lee Jae-yong was facing bribery charges, after being involved in a political scandal that resulted in the impeachment of South Korea’s president.
Samsung Electronics vice chairman Lee Jae-yong dodged an arrest warrant last month, after the Seoul Central District Court refused the special prosecutor’s request. However, it seems that the heir was summoned to the prosecutor’s office just yesterday and questioned for more than 15 hours.
New reports claim that the investigation team has reached a decision and that an arrest warrant will be sought for the Samsung heir. Apparently, Lee Jae-yong will be charged with bribery in relation to South Korea President Park Geun-hye.
Samsung’s chairman is banned from leaving the country
Reuters’ report mentions that Samsung’s chairman is already banned from leaving the country until the investigation is completed. Lee Jae-yong is suspected of allegedly giving and promising more than $35 million in bribes to Choi Soon-sil, an acquaintance of the president.
In return, the government allegedly backed a merger between two Samsung affiliated companies back in 2015. The Samsung leader has previously denied any allegations of corruption.
The investigation is close to completion, but it could stretch into March, considering that the special prosecutor’s office recently requested a 30-day extension to its current February 28 deadline for the investigation’s completion.
The prosecutor’s office also intends to seek arrest warrants for four other Samsung Group executives. The device maker’s chairman faces serious charges that could affect the company’s reputation overall.
Samsung is risking a drop in share price at the least, and other companies might become reluctant to partnering with the South Korean giant in several projects. Needless to say, corruption charges are bad for business. More details about the case will be announced during a briefing on Wednesday, while the hearing on the arrest warrant is scheduled for Thursday.