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S. Korea prosecutors seek arrest of Samsung heir

access_time Jan 16,2017 chat_bubble_outline 30 views
S. Korea prosecutors seek arrest of Samsung heir

South Korean prosecutors on Monday sought the arrest of the heir to the Samsung empire over a scandal that has seen the country's president impeached, in the latest setback for the giant conglomerate.

Samsung, the world's largest smartphone maker, is already reeling from the international debacle over its Galaxy Note 7, which was recalled after some devices caught fire.

Prosecutors investigating the corruption scandal said they asked a court to issue an arrest warrant for Lee Jae-Yong, the only son of Samsung group chairman Lee Kun-Hee.

The Seoul Central District Court said it would rule on the request on Wednesday.

Samsung's revenue is equivalent to a fifth of South Korea's GDP and Lee's arrest could have an "important" impact on the economy, a spokesman for the prosecutors acknowledged. "But we believe that achieving justice is more important," he said.

The scion is vice chairman of Samsung Electronics, the firm's flagship subsidiary, and the de facto head of the group after his father suffered a heart attack in 2014.

If prosecuted and convicted he could face a maximum five years in prison, but leading South Korean businessmen have previously been given suspended terms for such offences -- including the elder Lee.

The announcement sent the share price of Samsung Electronics -- South Korea's largest listed firm by value -- falling 2.14 percent, shaving more than $5 billion off its market capitalisation.

Samsung is already trying to repair an image tarnished by the Note 7 recall crisis and faces stiff competition from Apple and smaller Chinese rivals.

"This is a big crisis for us," Yonhap news agency quoted an unnamed senior Samsung executive as saying. "We have to make aggressive investment and merger and acquisition decisions to race ahead of competitors.

"But we are afraid that the latest development would cause great delays in our decision-making process."

But Greg Roh, analyst at Seoul-based HMC Investment & Securities, said the firm had a "very well-organised management system" and was not driven by "a certain personality".

The scandal could even help Samsung in the long term, said Shim Jung-Taik, an author of several books on the firm, if it persuaded the founding Lee clan to improve the group's opaque governance structure and become more transparent.

- 'Hard to understand' -

The political scandal centres on President Park Geun-Hye's secret confidante Choi Soon-Sil.

Choi is accused of using her ties with the president to coerce top local firms into "donating" nearly $70 million to dubious non-profit foundations which Choi then used as her personal ATMs, in exchange for political favours.

Samsung is the single biggest contributor to the foundations and separately paid Choi millions of euros, allegedly to bankroll her daughter's equestrian training in Germany.

Lee, 48, who was questioned in a marathon 22-hour session last week, is accused of bribery and embezzlement for approving decisions to pay Choi 43 billion won ($36.4 million), and of perjury at a parliamentary hearing, the prosecution spokesman said.

In a statement Samsung said the prosecutors' decision was "hard to understand".

"There was no support that sought something in return," it said.

- Choking with emotion -

Prosecutors are probing whether Samsung's payments were aimed at securing government approval for a 2015 merger of two of its units.

The merger of Cheil Industries and Samsung C&T was seen as a key step towards ensuring a smooth third-generation power transfer to Lee.

It was opposed by many investors who said it wilfully undervalued Samsung C&T's shares. But it was backed by the National Pension Service, a major Samsung shareholder.

Former welfare minister Moon Hyung-Pyo was formally charged Monday with abuse of power for allegedly pressuring the fund's managers to approve the deal.

Park was impeached by parliament last month, and the constitutional court is deciding whether to uphold the decision.

Choi, who is currently on trial for coercion and abuse of power, appeared at its proceedings for the first time on Monday.

She choked with emotion at one point and denied seeking any financial favours using her presidential connections.

Choi admitted visiting the presidential Blue House several times to help Park handle "personal matters" and had shared an e-mail account with a senior presidential aide to edit some of Park's speeches.

But she insisted she had no role over the Samsung merger: "It's way too complicated for me."

VN brands outpace rest of ASEAN

The total value of the 50 most valuable brands in Viet Nam in 2016 amounts to around US$7.3 billion, an increase from around $5.5 billion last year. The information was released by Brand Finance at a ceremony to announce the nation's top 50 brands in Ha Noi yesterday. This is the list's second year in Viet Nam, a recognition of the development of the country's leading brand names.The average growth rate of each brand in the Top 50 is 20 per cent, far exceeding companies from other ASEAN… chat_bubble_outline Read More...

What Americans mean by ‘health’

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Trump budget borrows from Coast Guard, TSA, to pay for wall

Draft documents of the White House budget request indicate that President Trump intends to follow through on his campaign vows to build a wall on the border of the United States and Mexico. But that wall could come at the expense of other security measures.Overall, the Department of Homeland Security would get a 6 percent boost to its budget, to $43.8 billion, according to documents obtained by reporters. But the Office of Management and Budget (OMB) is reportedly seeking significant cuts to… chat_bubble_outline Read More...

Vietnam’s former trade minister faces penalty for promoting son

Vietnam's former Minister of Industry and Trade Vu Huy Hoang. Photo by VnExpress The retired industry and trade minister Vu Huy Hoang is facing punishment for making controversial appointments of his own son and another senior official who has fled the country in the middle of an investigation into $150 million of losses. In a new statement, the Central Inspection Committee, the Communist Party’s top watchdog, has proposed that Hoang and the ministry’s Party unit receive an official warning… chat_bubble_outline Read More...

Jetstar Pacific opens four routes to Northeast Asia

Low-cost carrier Jetstar Pacific on October 18 announced the opening of four new international routes to Hong Kong, Guangzhou and Taipei.  The Ho Chi Minh City – Hong Kong route will be launched on November 18 with four flights per week while the Hanoi-Guangzhou route will be put into operation on December 1 with one flight per day.  On December 2, both the Ho Chi Minh-Guangzhou route with five flights per week and the Da Nang – Taipei route with three flights per week will be… chat_bubble_outline Read More...

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