Lee Jae-yong is nominally "vice-chairman" of Samsung, but his father, Samsung chairman Lee Kun-hee, is considered to be a mere figurehead, with Lee Jae-yong as the true boss of the company.
On Friday morning, Korean police placed Lee Jae-yong in custody at the Seoul Detention Centre, acting on a Seoul Central District Court arrest warrant for charges of bribery, perjury and embezzlement. The charges are part of a larger scandal that is rocking South Korea from the top down, whose most high-profile feature so far was the 2016 impeachment of President Park Geun-hye.
The prosecutors allege that Lee Jae-yong paid $37m in bribes to cult organizations affiliated with Choi Soon-sil, who was also arrested in 2016 -- and who has been characterized as a kind of Rasputin figure in the Park Geun-hye administration, carrying on the work of her father, the Shamanistic-Evangelical cult leader, Choi Tae-min.
Until today, no Samsung executive had ever been the subject of criminal charges.
According to a translation provided by the BBC, the court said in a statement: "It is acknowledged that it is necessary to arrest [Lee Jae-Yong] in light of a newly added criminal charge and new evidence."
Lee has generally considered the de facto head of Samsung Group, since his father, still the chairman by title, was hospitalized in 2014.
Investigators believe that Lee, who is also known by the name Jay Y. Lee, is involved in the corruption scandal that lead to last year's impeachment of South Korean President Park Geun-hye.
Samsung chief Lee Jae-yong arrested on charges of bribery [Cyrus Farivar/Ars Technica]
(Image: Lee_Jae-yong_in_2016, KBS, CC-BY)
Wells Fargo has admitted wrongdoing in defrauding 110,000 mortgage borrowers, and to make good on it, they're sending out letters that look like junk-mail, containing a form that customers have to fill in to confirm that they want their stolen money back; if Wells doesn't get a reply, it will assume that those customers are […]
Trump FCC Chairman Ajit Pai's tenure has been marked by a disregard for the rules under which his agency is legally bound to operate: his Net Neutrality killing order was made without satisfying the evidentiary burden required by law, on the basis of laughable lies (including more than a million fake anti-Neutrality comments from bots […]
When Lissa Lucas stood up at a public meeting of the West Virginia legislature and read into the record the gas-industry campaign contributions that lawmakers had received prior to taking a favorable view on allowing gas-drillers to drill in West Virginians' property, she was dragged out of the chamber.
Trains may not be the most popular means of conveyance nowadays, but chances are you grew up playing with toy trains or building a model set to wrap around the Christmas tree. In either case, it’s safe to say that locomotives have long carried a unique sense of awe and scale, especially when they’re hundreds […]
When it comes to redesigning or renovating a living space, envisioning changes before they occur can be tricky for most. Thankfully, the web is home to tools that can remove some of the guesswork, like Live Home 3D Pro for Mac. This app lets you create detailed and furnished floor plans for everything from sheds and […]
For many startups and fledgling businesses, web hosting — and the fees associated with it — can take a sizeable chunk out of the company budget and limit growth down the road. But, that’s not to say there aren’t hosts out there who can get your site online while staying within your budget. Arch Hosting is a […]