Corruption and scandal involving one of the largest electronic manufacturers and a criminal President.
Lee Jay-yong faces corruption and bribery charges in South Korea.
He’s been the defacto leader of Samsung ($177 Billion a year) since his father became ill. He’s been fighting the court but just lost a hearing today.
He’s accused of bribing the President of South Korea and her longtime friend in order to obtain government contracts.
Prosecutors are also investigating embezzlement charges, believing he has hidden assets overseas.
After the hearing today, they issued a warrant on Lee. The country’s president has had her powers suspended in December by parliament.
His lawyers will most likely challenge the warrant. The court rejected the prosecutor’s first attempts last year.
Almost $70 million in bribes has been discovered, most going to a company owned by the South Korean President’s friend.
Strangely, Samsung’s current owner- Lee’s ailing father- was convicted of embezzlement and tax evasion before but never jailed.
So we’ll see if his son is just as lucky.