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Arrest Warrant Sought for Samsung Vice Chairman

Category: General News
Posted: 09:49AM

For those of you not aware, South Korea is in the middle of a large political corruption scandal that has led to the impeachment of the country's president. Now it appears Samsung is involved in this scandal, as prosecutors are seeking an arrest warrant for the Samsung Electronics Vice Chairman Lee Jar-yong. The alleged connection between the company and the scandal relates to a merger of two Samsung affiliates in 2015, which strengthened Lee's position in the company. Supposedly Lee and Samsung attempted to bribe a confidante of the South Korean president to secure government support for the merger by giving millions to certain organizations. Also the former National Pension Service chief Moon Hyung-pyo has been accused of pressuring the pension fund to support the merger, and it is a major shareholder in one of the Samsung affiliates.

Samsung disputes the allegations, stating that it "did not make contributions in order to receive favors."

Source: CNN

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