Samsung heir arrested, indicted on bribery charges

Special prosecutors in South Korea have formally announced charges against the de-facto Samsung chief, Lee Jae-yong along with four other company executives of the smartphone making company.

Jae-yong was indicted on multiple charges including bribery and embezzlement after authorities accused Samsung of giving donations to non-profit foundations operated by Choi Soon-sil, a friend of Ms Park, in exchange for government favours.

In a statement released by Lee Kyu-chul, a spokesman for the special prosecutor, he said: ‘The five executives will face charges including bribery, embezzlement and hiding assets overseas. Lee will also be charged with committing perjury before parliament.

Read also: S.Korean authorities arrest Samsung heir over bribery allegations

‘The executives to be charged are Samsung Group vice chairman Choi Gee-sung, president Chang Choong-ki and Samsung Electronics president Park Sang-jin and executive vice president Hwang Sung-soo,’ the spokesman said.

The arrest and indictment of Jae-yong makes him the first leader in electronics firm’s history to be held on criminal charges as part of a corruption probe which saw the impeaching of President Park.

Jae-yong, vice chairman of Samsung Electronics and son of the Samsung group head Lee Kun-hee, is accused of paying nearly $40milliom in bribes to Park’s secret confidante to secure policy favours.

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