Samsung's Lee Jae-yong Arrested On Bribery Allegation
SEOUL (dpa-AFX) - Samsung Group's Lee Jae-yong was formally arrested on allegations of bribery, perjury and embezzlement.
The Seoul Central District Court issued the warrant for Lee's arrest early Friday. Including procedural steps and appeals, it may take as long as 18 months for a trial and verdict. The decision was made because of the risk that he might destroy evidence or flee, a court spokesperson reportedly said.
Investigators are looking into whether the vice chairman of Samsung Electronics Co. was involved in providing as much as 43 billion won ($38 million) to benefit a close friend of South Korean President Park Geun-hye, in exchange for government support of his management succession. Prosecutors allege that Lee, 48, funded Park's associates as he tried to consolidate control over the sprawling conglomerate founded by his grandfather.
The court rejected the prosecutor's request to arrest Samsung Electronics President Park Sang-Jin. With Lee under detention, Park will probably assume some of Lee's responsibilities.
Copyright RTT News/dpa-AFX
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