Jay Y. Lee, the group chief of South Korean conglomerate Samsung, was arrested by the Korean authorities over his alleged role in a corruption scandal that shook the country and led to the impeachment of President Park Geun-Hye. The latest development in the ongoing case notes that South Korean prosecutors would indict Lee Jae-Yong on charges of bribery and four other offences. This, in turn, will put the apparent ascendant of the Lee dynasty behind bars for several years.
The other offences being inspected over include embezzlement and perjury charges. Jay Y. Lee is said to have lured $37 million to an advisor of President Park Geun-Hye in trade for political favours, which paves the way for such serious assaults. The report further states that Lee in his defence asserted that he was forced to make payments which resulted in the crisis. The latter who joined the company board last year in the absence of his sick father is stuck in deep trouble only within a short span of his career with Samsung.
The indictment of Lee and four other Samsung officials is scheduled for an official announcement today by the Prosecutors. After the indictment, the accused will be granted 18 months long face trial period. The officials are however putting in their efforts to reduce the lengthy period into a quick three-month timeframe. The prosecution period certainly defines the delay in the appointment of the new boss for the world’s leading smartphone company, Samsung.
Meanwhile, it is expected to be business as usual at Samsung. After all, Lee wasn’t exactly running all the companies in the holdings group. However, his sudden departure — if it extends to a significant term — could affect business. As the Vice- Chairman of the group, Lee is the de-facto leader of the company and is responsible for making important strategic decisions. Lee’s image was first scarred by the Note 7 scandal and then, by Samsung’s alleged involvement with the highly publicised corruption case involving the South Korean President.