Jay Y. Lee, Samsung Chief Arrested after Corruption Investigation

Business News
(Last Updated On: February 17, 2017)

Jay Y. Lee, Samsung Group chief was arrested on Friday after his alleged role in corruption scandal. This incident has led the parliament to question President Park Geun-hye letting a severe blow to the world’s biggest smartphone maker.

Vice Chairman Samsung Electronics Company Limited, forty eight year old Lee was taken into custody at the Seoul Detention Center. There he had to wait for the decision of the court after a day-long hearing that ended on the evening of Thursday.

At around 5.30 a.m. on Friday, the decision of the judge was announced, close to 10 hours after Lee left the court. Last month, prosecutor’s requests to arrest Lee were rejected by the same court.

A Samsung spokeswoman refused to comment on the issue. Lee and the Group have denied any wrongdoings.

Though, the detention of Lee is not expected to cause any disturbances to the daily operations of the company but, experts are of the opinion that strategic decision-making process of the company may suffer because of Lee’s detention.

Former executive Samsung Electronics, Kim Yong-serk stated that, this issue will not result in Samsung business coming to a grinding halt as there are lots of people to take care of the business.

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