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Samsung Group Chief Jay Y Lee Indicted for Bribery Charges

Jay Y Lee, the de facto head and scion of Samsung Group was indicted along with four other executives by the special prosecutor in a case pertaining to bribery.

News18.com

Updated:February 28, 2017, 12:03 PM IST
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Samsung Group Chief Jay Y Lee Indicted for Bribery Charges
Jay Y Lee - Vice Chairman - Samsung Electronics. Representative Image. (Image: Reuters)
Jay Y Lee, the de facto head and scion of Samsung Group was indicted along with four other executives by the special prosecutor in a case pertaining to bribery and other charges in a corruption scandal that led parliament to impeach President Park Geun-hye.

Read more: Samsung Galaxy S8 Launch Date Confirmed

Prosecutors had ordered the arrest of Lee, over a week ago, and accused him in his capacity as head of South Korea's largest conglomerate, or chaebol, of pledging 43 billion won ($37.74 million) to a business and organisations backed by Park's friend, Choi Soon-sil, in exchange for support of a 2015 merger of two Samsung companies.

Read more: Nokia 6, Nokia 5 Price and Specifications in Pictures

Samsung and Lee have denied wrongdoing in the case. Park, whose impeachment will be upheld or overturned by the Constitutional Court, has also denied wrongdoing.

Read more: Nokia 3310 to Sell for About Rs 3,500 in India

But the wide-ranging probe, part of a corruption scandal that led parliament to impeach South Korean President Park Geun-hye, has been a major distraction for the country's largest conglomerate, or chaebol.

Also read: Nokia Snake Game Available on Facebook Messenger

According to reports, Samsung spokesperson did not comment regarding Jay Lee’s indictment.
| Edited by: Krishna Sinha Chaudhury
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