Samsung Chief Indicted
Lee Jae yong, the Vice President of Samsung, who was arrested on Feb. seventeen for his supposed job in the bribery scandal has been found guilty on a number of counts, which includes improper use and embezzlement of the company’s corporate strategy office.
He along with 4 other executives will be dealing with trial as they had been accused for donating millions of dollars to a foundation in exchange for a government favor.
On Tuesday, Feb. twenty eight, during the last day of the investigation prosecutors charged the Samsung VP, who’s been operating the organization since the moment his dad suffered a heart attack in 2014, with bribery, hiding assets overseas, embezzlement and also accused him of committing perjury.
The additional 4 executives that will cope with the same accusations except perjury. They’re Choi Gee sung the Vice Chairman of Samsung, President Chang Choong ki, as well Park Sang jin (Samsung Electronics President) and Hwang Sung soo (EVP of the company).
Except Lee, a lot of the executives are actually anticipated to resign and exit the business. Since Lee is the de facto head of the business, he’s staying with the group until the trail.
Who All Will Be Arrested
South Korean President Park Geun hye, was impeached by the parliament after she was accused of conspiring with Choi Soon sil, to pressure other important South Korean businesses to donate around $70million to the latter’s foundation.
Though later on the Choi Soon sil denied such charges, the court has accused him of using the cash received as donation for personal gain. Per the reports, Samsung was one of probably the highest individual donor of Choi’s foundation, which he’d developed to assist Park with her policy initiatives.
To be able to create the path of his crystal clear from any roadblocks, Lee reportedly took assistance from the federal government for the eight dolars billion merger of 2 Samsung partners in 2015.
Though the eight dolars billion merger was opposed by a lot of the shareholders, after getting funded by the national pension fund, it got approved.
“It is still to be seen whether this’s another cosmetic measure aimed to divert public criticism,” says Chung Sun sup, the head of watchdog chaebol.com.
Chung Sun sup also added that a few times in the past, Samsung has disintegrated several “group controlling organizations” when the business was found red handed breaking the law.
Nevertheless, South Korea’s constitutional court is actually anticipated to declare the outcomes depending on the impeachment votes, before the retirement of Lee Jung mi, the acting chief justice, on March thirteen.
Per reports, directly after the declaration made by the court, Park Geun hye will be losing her immunity immediately on the foundation of criminal impeachment, which means that South Korea will have to elect their new President within a span of sixty days.