Samsung's heir faces arrest again
Samsung's heir faces arrest again

South Korean prosecutors have filed arrest warrants for the current Samsung CEOs in violation of local capital market laws. Authorities have accused Samsung Electronics of fraudulent transactions, stock price fraud, and accounting fraud during the merger. This is Vice President Li Electronics, Li Zaiyong. C&T) and (industry first).

In addition, an arrest warrant was issued requesting the arrest of two former executives, Cui Jicheng and Jin Chengzhong, from the entire office of the Group's management division, which has now been dissolved.

Prosecutors estimate that Li Zaiying was deliberately raising the price of the chemical industry (first industry), which holds 23.2% of the company’s shares, and the share price of the holding company Samsung Science and Trade Bau und Handelsgesellschaft. In fact, Li Zaiying is not involved in the entire business unit.

The plaintiff said: “The merger allowed Samsung's heirs to accumulate more shares (Samsung C&T) that were now merged, which gave him more control over the entire Samsung group of companies, and the merger was the heir to the Samsung heir to facilitate his major step in the transfer of power.”

Since his father Lee Kun-hee became sick in bed due to a heart attack in 2014, Li Zaiying has been widely regarded as the true leader of the big Samsung team. Li Zhairong reportedly denied all the allegations during interrogation last month.

This investigation differs from the corruption process against the Samsung heirs. In this case, Lee Jae Young admitted that he had bribed former South Korean President Park Jeon Hai to support another merger case.

Although the date of the judicial review of the new arrest warrant has not yet been announced, Li Zaying still faces the opportunity to re-investigate the corruption scandal.

Lee Jae Young was sentenced to his release before the Court of Appeal and was arrested for the first time in 2017 on charges of bribery, perjury and embezzlement. However, he ordered a new trial before the Supreme Court last year. He said: Some allegations of corruption were wrong. Refusal.

Last month, Lee Jae Young apologized for the group's involvement in the corruption scandal and admitted that immoral activities were caused by inheritance problems, and Lee Jae Young promised in the letter that these activities would be stopped and that he would not hand the administration over to his children in a family group.

(Li Zhairong) said that he will not hand over his administrative powers to his children or that they will allow him to resume work at the company. He said: "I have no intention of transferring management authority to my children and I have kept this idea for a long time because I do not want to express it publicly."

It should be noted that the Samsung group has 59 subsidiaries operating in the areas of technology, insurance, shipbuilding, hotels, parks and fashion. Samsung Electronics is the world's leading manufacturer of smartphones and memory cards.

Previous Post Next Post