South Korea seeks arrest of Samsung scion in graft scandal
SEOUL, Korea, Republic Of — In a departure from the leniency typically given South Korean big businesses, prosecutors on Monday requested the arrest of the de facto head of Samsung Electronics, the country’s most valuable company, in an influence-peddling scandal that has toppled the country’s president.
Lee Jae-yong, the 48-year-old vice chairman at Samsung Electronics, faces allegations of embezzlement, of lying under oath during a parliamentary hearing and of offering a bribe of 43 billion won ($36 million) to a long-time friend of impeached President Park Geun-hye, according to Lee Kyu-chul, a spokesman for a special prosecutors’ team investigating the political scandal.
It will surprise many that prosecutors requested the arrest of the man who symbolizes the future of South Korea’s most important chaebol, as family-controlled conglomerates are known. Such leaders tend to be treated as vital for the national economy.
Samsung Electronics is South Korea’s most successful company and a source of pride for many who equate its huge global success with national prestige. The company has gone through a rough patch in the past half-year, however, after its latest premium smartphone was found to be prone to catching fire.