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Serious Samsung boss arrested for bribing corrupt president

PEE_APE_PEE

Alfrescian
Loyal
Samsung Tua Kee Liao, now Koreans are cooking their boss together with the impeached president, boiling together bin the same pot of hot soup. Real Tua Kee this time.



http://m.koreaherald.com/view.php?ud=20170217000710


Samsung in crisis after Lee's arrest
Tech giant in biggest shock in its 79 years of history

Published: 2017-02-17 16:26
Updated: 2017-02-17 18:32
The court’s decision to allow the arrest of Lee Jae-yong, the heir apparent of Samsung Group, on Friday brought the nation’s largest conglomerate into the biggest management crisis in its 79 years of history, suspending its restructuring plans aimed at a smooth leadership transfer.

Lee was arrested by a special counsel, on bribery and other charges related to the political corruption scandal involving President Park Geun-Hye and her confidante Choi Soon-sil.

(Yonhap)


The de facto leader of Samsung is accused of paying nearly $40 million in bribes to Choi in pursuit of President Park’s support for his succession in the company.

Since late last year, Lee has been grilled several times over his alleged role in the scandal.

The 48-year-old, a key suspect, had avoided being arrested last month, with the court rejecting a request by the special counsel, citing insufficient evidence.

But the investigators Tuesday requested again to arrest him with more evidence collected in recent weeks.

Lee Jae-yong, the vice chairman of Samsung Electronics, is seen in his car heading to the Seoul Detention Center in Uiwang, Gyeonggi Province, Thursday night. (Yonhap)



Lee is the first Samsung chief to ever be arrested. The heir apparent being put behind bars has sent shock waves throughout the group, which accounts for one fourth of the South Korean economy.

Lee’s arrest is also expected to deal a severe blow to the group’s global reputation.

The group’s crown jewel Samsung Electronics is the world’s largest smartphone and chip maker. In a survey by Interbrand last October, Samsung Electronics ranked seventh in terms of its brand value out of 100 global businesses.

“The international community has strict standards on corrupt companies,” said Kwon Tae-shin, head of Korea Economic Research Institute. “In the worst-case scenario, Samsung could be excluded from biddings placed by international organizations.”

The company released a short public statement that said, “The group will do its best to reveal the truth at the trial.”

Rank-and-file employees at Samsung Electronics and other subsidiaries, however, could not hide their embarrassment and frustration.

“Executives are remaining extremely silent about the news,” said an assistant manager at the company. “Employees at my level are trying to work as usual, but it is hard to say we are not concerned.”

Another manager-level employee at a Samsung unit said major projects have been stopped for a while.

“I am not sure whether it is related to the group issue or not, but things have been halted at my company for a while,” she said. “Major business projects have been in slow progress or have stopped due to delayed personnel reshuffles and related restructuring.”

The prevailing expectation had been that the special counsel’s request to arrest the Samsung heir apparent would be turned down by the court again, as the group had sternly claimed, “It is confident in proving an acquittal.”

Due to the unexpected physical detention of its de facto chief, it seems inevitable for Samsung to postpone major restructuring planned for this year, including the disbandment of its Future Strategy Office and the establishment of a holding company system.

Lee had pledged to disband the group’s control tower -- which allegedly served President Park Guen-hye and her confidante Choi Soon-sil -- as part of efforts to overhaul the group governance structure. Samsung had also been reviewing a plan to separate the electronics unit into an operating and a holding company at the request of its shareholder Elliot Management.

The regular recruitment of new employees slated for March is highly likely to be put off, too.

Until Lee is released on bail or wins the trial, the top brass of the Future Strategy Office led by Choi Ji-sung is expected to lead the group, filling the power vacuum.

“The Future Strategy Office has been on standby for the past few nights,” said a group official. “The top management members are bracing for an emergency system.”

However, there remains the possibility that Vice Chairman Choi Ji-sung and President Chang Choong-ki could be charged without detention, which would be another obstacle to Samsung’s contingency plans.

“For the time being, it seems like the CEOs of each subsidiary will have to run their units in a careful manner,” said an official from a Samsung unit on condition of anonymity.

“A consultative group consisting of the subsidiary CEOs will have to deal with group issues.”

Samsung may suffer greatly from Lee’s arrest, but the case could put an end to the decades-old collusive ties between businesses and politics, according to local experts.

“Lee’s arrest is the first case in Korea’s modern history that could put an end to years of cozy relations between the government and businesses,” said Park Ju-gun, the president of CEOScore.

“The case would also bring transparency in management, raising fundamental questions such as to whom the company should work for?” he said, adding that chaebol have been perceived as the possession of their owner families.

Samsung Group, as a whole, will face looming uncertainty, as the case hinders its years of efforts to increase its heir’s control over its business empire.

“It appears that Samsung may have planned to complete its succession scenario within the reign of the Park administration. But with the president facing impeachment and the transfer of political power being expected, Samsung seems to be facing unexpected difficulties, jeopardizing years of efforts to allow Lee Jae-yong to succeed,“ he said.

By Cho Chung-un ([email protected]) and Song Su-hyun ([email protected])
 

no_faith

Alfrescian (Inf)
Asset
Mostly action only.
Samsung is one of the contributor for korean gdp.
And in a country like korea, you can buy your way out.
See so corrupted still can be president. And the president lesbian partner still can influence the president.
For the vast fortune...you think he got taiji meh?
In sg, white horse also can siam. Kangaroo court.
Whats korea? :biggrin:

In one of samsung plant radiation was emit, causing many deaths, youth tio cancer, hair loss...so many years also bo taiji.

They are the lobbyist.:biggrin:
 

WW3Concert

Alfrescian
Loyal
They interrogate him after locking him up in cell for one night.

http://www.channelnewsasia.com/news...sung-scion-taken-for-questioning/3529804.html

After night in cell, Samsung scion taken for questioning


Posted 18 Feb 2017 14:25

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SEOUL: Handcuffed and tied with white rope, the scion of one of the world's biggest conglomerates, Samsung Group, was taken on Saturday for questioning by South Korean authorities after spending a night in a small detention cell.

Samsung Group chief Jay Y. Lee was arrested on Friday for his alleged role in a corruption scandal that has led to the impeachment of President Park Geun-hye.

The 48-year-old Lee, who has a net worth of US$6.2 billion, heads the technology giant that is the world's biggest manufacturer of smartphones, flat-screen televisions and memory chips.

Lee arrived at the special prosecutor's office at about 2:20 pm (0520 GMT) clean-shaven and expressionless. He was wearing a dark suit, white shirt and no tie as he was escorted by officials from a justice ministry van.

The special prosecutor's office accuses Lee of bribing a close friend of the president to gain government favours related to leadership succession at the conglomerate. It said on Friday it will indict him on charges including bribery, embezzlement, hiding assets overseas and perjury.

He spent the night at the Seoul Detention Centre on the outskirts of the capital in a small single cell with a toilet in the corner behind a partition.

Special prosecution spokesman Lee Kyu-chul said on Friday that officials were working to supplement inadequacies in their investigation into Lee, without elaborating.

While Lee's detention is not expected to hamper day-to-day operations at Samsung firms, which are run by professional managers, experts said it could hinder strategic decision-making at South Korea's biggest conglomerate, or chaebol.

Samsung is going through a restructuring to clear a succession path for Lee to assume control after his father was incapacitated by a heart attack in 2014.

Decisions that could be complicated by Lee's arrest include deliberations over whether to reorganize the group under a holding company structure, as well as its plan to abandon its future strategy office, a central decision-making body that came in for criticism during the scandal.

(Reporting by Joyce Lee; Editing by Raju Gopalakrishnan and Michael Perry)

- Reuters
 
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