Markets

South Korea Investigators to Again Summon Samsung Heir

  • South Korea Investigators to Again Summon Samsung Heir

Seoul, South Korea – South Korean prosecutors investigating the corruption scandal involving impeached President Park Geun-hye plan to summon Samsung heir Lee Jae-yong again as they look into bribery allegations between Park and the country’s largest business group.

Lee, the billionaire vice chairman of technology giant Samsung Electronics, will be summoned along with two other group officials on Monday morning, said Lee Kyu-chul, the spokesman of the prosecution team.

Investigators had sought to arrest Lee when they summoned him last month, but a court ruled there wasn’t enough evidence to justify Lee’s arrest at that point.

Investigators will question Lee over new findings they made in the past few weeks and may consider requesting an arrest warrant for him again, said the prosecution spokesman. The investigators also want to question Park in person, but have yet to agree with her office on how and when to do it.

On Friday, prosecutors filed a lawsuit against the presidential Blue House to try to force Park’s aides to stop blocking searches of her compound. They tried to enter the Blue House with a court-issued warrant to collect evidence earlier this moth, but Park’s aides turned them away, citing a law that can block searches of sites containing state secrets.

Samsung is suspected of providing tens of millions of dollars in money and favors to Park and her jailed friend Choi Soon-sil in exchange for government support of a controversial merger deal between two Samsung affiliates in 2015. The merger helped Lee promote a father-to-son transfer of leadership and wealth at the group.

Moon Hyung-pyo, the country’s former health minister, has been indicted on charges that he pressured the National Pension Service to support the merger even though the fund’s stake in one of the companies lost an estimated hundreds of millions of dollars in value.

The Associated Press

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Share
Published by
Samed Olukoya

Recent Posts

Centralise Regulation for our Industry, E-hailing Drivers Urges FG

In a bid to bolster the interest of drivers in the country, E-hailing drivers, under…

3 days ago

Felicia Obozuwa Takes on Key Role as FCMB Executive Director, Corporate Services

First City Monument Bank (FCMB) has announced the appointment of Felicia Obozuwa as its Executive…

3 days ago

Equities Market Sheds N931 Billion as 40 Stocks Decline in Another Bearish Session

The Nigerian equities market extended its losing streak for the fourth consecutive session Wednesday with…

3 days ago

70 Million Poorest of The Poor Nigerians To Get N75,000 From FG

Notwithstanding that the Federal Government's efforts to distribute cash to poor Nigerians have failed in…

3 days ago

Dollar to Naira Exchange Rate Today, January 16th, 2025: Black Market vs CBN Rates

The Dollar to Naira exchange rate remains a critical indicator of Nigeria’s economic landscape, reflecting…

3 days ago

Over N60.5bn Alleged Fraud: More Trouble For Impeached Lagos Speaker Over Imminent Arrest By EFCC

Stakeholders and political gladiators in Lagos State have called on the Economic and Financial Crimes…

4 days ago