Jay Y. Lee, Samsung’s vice chairman, has been indicted in connection with the political scandal in South Korea.
Jay Y. Lee, vice chairman of Samsung, arrives at the Seoul Central District Court on January 18. This week, he was formally charged in connection to the political scandal in the country.
South Korea’s case against Samsung’s de facto leader just got more serious, threatening the company’s succession plan.
Jay Y. Lee, Samsung Group’s 48-year-old vice chairman and the man slated to take over control of the company, was formally charged Tuesday with bribery in connection with the political scandal in South Korea, according to Bloomberg. He had been accused of bribing the suspended South Korean president, Park Geun-hye.
Lee was arrested a couple weeks ago. Along with bribery, Lee had also been accused of embezzlement and perjury.
Samsung Group, the parent company of Samsung Electronics, became ensnared in the « Choi-gate » corruption probe facing Park a few months ago. Its offices have been raided several times on suspicion that the presidential office influenced the decision by South Korea’s state-run pension fund to back Samsung’s merger plan last year.
At issue is whether millions in donations Samsung made to two foundations controlled by President Park’s friend and confidant, Choi Soon-sil , were bribes to get the South Korean pension fund to back a merger between two of Samsung Group’s holding companies.
