Samsung Vice Chairman to be Arrested Amid South Korea’s Widening Corruption Scandal

South Korea’s President, Ms. Park Geun-hye, was recently impeached after her government came under scrutiny amid an ongoing corruption scandal.

Apparently, the heir to the Samsung dynasty and current vice chairman Lee Jae-yong, has been named in the corruption scandal and was recently grilled by the local officials for up to 22 hours. In order to continue with the investigations, South Korea’s prosecutors now want Mr. Lee to stay behind the bars while the process continues. But to do this, they need an arrest warrant, which they are yet to get so far.

The grilling of Samsung’s leadership comes after claims that the company was involved in bribing someone very close to the President, Choi Soon-sil, with a tune of up to $25 million just so as to gain influence. This was in the wake of VP Lee trying to accrue more shares that will help his family’s efforts in taking over the leadership of Samsung Electronics.

Lee has already denied these allegations before, but the special prosecutors said that their investigations will be better positioned if they proceeded when Samsung’s next President is in their custody. While there might be huge economic impacts associated with arresting Samsung’s VP, the prosecutors seem to have already taken this into consideration.

Before the arrest takes place, a South Korean court must first approve the warrant. Even if he is detained, this doesn’t mean that he has been charged. There will be a hearing this week Wednesday to decide on whether to approve the warrant or not. Keep following and we’ll update you on more developments.

You can read more about the ongoing South Korean corruption scandal here.

Drop us your thought(s)