Economics
South Korea Prosecutor Seeks Arrest of Samsung’s Jay Y. Lee
- Lee accused of involvement in bribes to president’s confidant
- Lee was poised to take control of Samsung business empire
South Korea Prosecutors Seek Arrest of Samsung's Lee
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Prosecutors are seeking a warrant to arrest Samsung Group’s Jay Y. Lee for allegations including bribery and embezzlement, a stunning turn for the scion of South Korea’s richest family groomed for decades to take over the company from his father.
Lee, 48, the de facto head of the Samsung Group and vice chairman of Samsung Electronics Co., is accused of participating in payments that Samsung made to a close friend of South Korean President Park Geun-hye in exchange for government support in the company’s succession planning. A court will still have to determine whether to approve the warrant, which was announced by prosecutors in a briefing on Monday. A hearing is scheduled for Wednesday.