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Samsung chief arrested on charges of bribery

Samsung chief

Seoul: World’s biggest maker of smartphones Samsung group Chief Jay Y. Lee was arrested on Friday over his alleged role in a corruption scandal rocking the highest levels of power in South Korea sources said.

As per sources, shares in flagship Samsung Electronics Co Ltd opened down 1.2 percent, while shares in Samsung C&T Corp, the de facto holding company of Samsung Group, opened down 3.2 percent compared with the wider market’s drop of 0.45 percent.

Prosecutors have up to 10 days to indict Lee. After indictment, a court would be required to make a ruling within three months.

No decision had been made on whether Lee’s arrest would be contested or whether bail would be sought, a spokeswoman for Samsung Group said.

On the other hand, Samsung and Lee have denied wrongdoing in the case.

Meanwhile, the same court had rejected a request last month to arrest Lee, but prosecutors on Tuesday brought additional accusations against Lee, seeking his arrest on bribery and other charges.

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