Police arrest Samsung chief on corruption charges

The head of Samsung has been arrested for an alleged role in a corruption scandal.

The South Korean technology firm is accused of being part of a scandal that has led to the downfall of the country's president.

Jay Y. Lee is the third generation of the same family to run the firm.

The vice-chairman and effective leader of the giant Korean consumer electronics group, Samsung has been arrested for alleged bribery, embezzlement, and perjury.

"We will do our best to ensure that the truth is revealed in future court proceedings," the company said in a statement after his arrest. This development is not expected to have an impact on Samsung's day-to-day operations.

Previous accusations against Lee have been rejected but new charges have been levelled against the executive.

"Given the newly presented criminal charges and the additional evidence collected, the legal grounds and need for arresting him are recognised," a South Korean judge said, according to The New York Times.

Lee Jae-Yong is the son of Samsung chairman Kun-Hee Lee and due to take full control of the company.

More in this Section

Interest rate hike looms in just 11 months

Markets braced for Italy and Saudi tensions

Food firms look to Europe

Hotel revenue rising across the country, report shows

Breaking Stories

6 secrets for a smoother journey when flying with a newborn baby

More From The Irish Examiner