#Asia Samsung head Jay Y. Lee indicted over bribery, embezzlement charges


In total, 30 individuals were charged in the bribery scandal, including several high-level Samsung executives


Following his arrest on February 17, South Korea’s special prosecutor indicted Samsung head Jay Y. Lee on Tuesday for bribery, as well as embezzlement and hiding assets overseas.

“Samsung was directly linked to the influence-peddling scandal and was essential to the special prosecutor’s investigation,” special prosecutor spokesperson Lee Kyu-chul told Bloomberg.

He also stated that the indictment describes “in detail” the private conversation between Lee and President Park Geun-hye, who is currently undergoing separate court process to decide her impeachment due to involvement in this large political scandal.

The special prosecutor team has indicted 30 individuals involved in the bribery scandal. Apart from Lee, other Samsung executives that were also indicted include Vice Chairman Choi Gee-sung, President Chang Choong-ki, Samsung Electronics President Park Sang-jin, and Executive Vice President Hwang Seong-soo.

According to the law, Lee will be able to seek bail after the indictment, while the court must make first ruling within three months.

Also Read: Samsung is planning to create a US$1B fund for AI deals

How this affects Samsung

Following the indictment, Samsung Group announced that it would disband its Corporate Strategy Office. Executives at the high-level decision making unit are stepping down; affiliates are to be managed by their respective boards and CEOs instead.

At the recent Mobile World Congress in Barcelona, Samsung launched several of its new devices such as an S Pen that is built like Staedtler Noris pencil, a new Gear VR headset, and a Galaxy Tab S3.

Their presentation session was marked with protest from environment group Greenpeace, which questioned the way the company handles recalled Samsung Galaxy Note 7 devices.

Meanwhile, Samsung has announced that the launch for Samsung Galaxy S8 (predecessor to the troubled Samsung Galaxy Note 7) is being pushed back to the end of March.

The post Samsung head Jay Y. Lee indicted over bribery, embezzlement charges appeared first on e27.

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