Korean court accepts arrest warrant for Jay Y. Lee, Samsung head
- Fariha Khan
- February 22, 2017
According to a recent report, South Korea's Central District Court has approved an arrest warrant for Jay Y. Lee, the acting head of Samsung. The court has rejected a warrant for the company's president, Park Sang-jin, at the same time. Warrants for both were requested by a special prosecutor's office.
Lee has been involved in the broadening corruption scandal around the country's President, Park Geun-hye, and her associate Choi Soon-sil. When it petitioned for a warrant, the prosecutor's office blamed Lee of corruption, fabrication, fraud, and hiding assets abroad.
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Samsung is accused of concentrating $37.31 million to a business and a number of organizations backed by Choi to get her supporting the merger of 2 Samsung affiliates including supporting the equestrian career of Choi's daughter —Park Sang-jin, considerably, is the head of the Korea Equestrian Federation.
The special prosecutor sought a warrant first for Lee back in January. However, he was shot down by Central District Court Judge Cho Eui-yeon questioning the need and substantiality of an arrest at the present phase.
The professionals arrest is expected to be troublesome for the Samsung Groups, considering Lee has been more of a stand-in leader after his father. He's the vice chairman of Samsung Electronics, which vies with Apple through products such as the Galaxy S8.
Exclusively the Electronics unit should be able to continue on without various short-term issues as products such as the S8 are already on their way.
Though Samsung is Apple's main competition in the mobile arena, both the firms have been equally dependent in regard to supply for a long time. Apple has signed up a $4.3 billion contract for 5-inch OLED screens, expected to be intended for an "iPhone X" or "iPhone 8" which will ship later in 2017.