Samsung heir arrested for corruption in South Korea
Samsung’s 3rd generation heir Lee Jae Yong has been arrested for corruption in South Korea.
The Samsung’s heir has been sentenced for 5 years in prison after a bribery scandal that contributed to the impeachment of the former South Korean president Park Geun-Hye.
It is said that Lee and other Samsung executives paid $7.8 million in bribes and other indictments to ensure that the former president supported a corporate deal. The deal made Lee strengthen his grips on Samsung Electronics.
he verdict could still be reversed according to Lee’s lawyers. South Korea’s current president Moon Jae-In pledges that he will crack down shady practices on Chaebols or family-run business empires in South Korea.
Lee’s father, Lee Kun-hee, is the founder of Samsung and has been in a coma which makes Lee the de-facto leader of Samsung. Additionally, the founder of Samsung has been pardoned twice before by the president during his time similarly for bribery and other charges.
Samsung is one of the most successful companies in the world and one of the leading company in the production of electronics such as smartphones, laptops, and other gadgets.
Source: New York Times