Samsung’s acting president, Lee Jae-Yong, has been arrested and thrown in jail for allegedly bribing the President of South Korea, Park Geun-Hye, to get special treatment and deals for Samsung, one of the biggest tech companies in the world.
Jae-Yong has been the acting President of Samsung since his father’s heart attack three years ago which has made him the third-generation to head the company.
He has already been arrested and is facing jail time after being questioned in January. Officials didn’t get enough evidence at the time to put him behind bars. Reports indicate that Jae-Yong had paid over 30 million Euros to Choi Soon-sil, who is said to have swaying influence on President Park Geun-hye.
This wide-ranging scandal has been going on for a while and is much larger then just Samsung as it could see the first female President lose office. Geun-hye has already been suspended due to her involvement in the case.
Jae-Yong, 48, is currently being accused of embezzlement, hiding assets overseas, perjury and of course bribery. Samsung said they aren’t sure if they will bail out their President, saying “we will do our best to ensure that the truth is revealed in future court proceedings.” Samsung has admitted to donating to two charities belonging to Choi Soon-sil but denies any wrongdoing and says they never expected anything in return from the government.
It seems like one problem after another for the tech giant as I’m sure you remember this comes after a year of their latest phones exploding in the hands of their users, which turns out was because of faulty lithium batteries. Over a million phones were recalled and replaced. It has not been a good year for the people over at Samsung or their shareholders.
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