Jay Y. Lee, de facto head of Samsung Group.
A South Korean prosecutor has requested an arrest warrant be issued for the acting head of Samsung Group, Jay Y. Lee.
Lee is accused of bribing the suspended South Korean president, Park Geun-hye, in the form of multi-million dollar donations to organisations allegedly connected to President Park, reports The New York Times .
Donations were made to two foundations controlled by Park’s friend and confidant, Choi Soon-sil. Special prosecutor Park Young-soo last week made the accusation that these donations were bribes, given in exchange to get the South Korean pension fund to back a 2015 merger between two of Samsung Group’s holding companies.
The merger, between Samsung’s C&T Corp. construction and trading business and its Cheil Industries chemicals business, helped solidify the Lee family’s grip on Samsung Group. The merger was polarizing among shareholders , and the South Korean pension fund, which held an 11.
