Samsung Group vice chairman Lee Jae-yong remains prosecution target amid request for arrest warrant

byWilfrey Morena -
0
Lee Jae-yong (C), the vice chairman of Samsung Electronics, arrives to be questioned as a suspect in a corruption scandal at the office of the independent counsel in Seoul, South Korea, February 13, 2017. (Photo by AFP)
Samsung Group remains a target for prosecution as the office of South Korea's special prosecutor reiterates that it will seek a warrant for the arrest of the company's chief amid a probe into a corruption scandal that led to the impeachment of President Park Geun-hye.
The office made the announcement in a statement released on Tuesday, a day after Lee Jae-yong, Samsung's vice chairman and the son of the group's boss, Lee Kun-hee, was questioned for more than 15 hours by the special prosecutor on Monday.
The prosecutor is also seeking the arrest of Park Sang-jin, the company's executive, in the graft investigation.
"We have filed for an arrest warrant for Vice Chairman Lee Jae-yong and President Park Sang-jin today," the statement read.
According to the office, the charges the two officials would face include bribery, embezzlement and hiding assets overseas. The prosecution would also bring an additional charge of perjury against Lee in the latest arrest warrant request.
The Seoul Central District Court is to hold a hearing on the request for the arrest warrants at 10:30 a.m. local time on Thursday.
Last month, the Seoul court turned down a prosecution request for the arrest of Lee, citing inadequacy of evidence.
Samsung Group's Vice Chairman Lee Jae-yong (C) leaves for a waiting facility after attending a court hearing on whether he will be issued with an arrest warrant at the Seoul Central District Court in Seoul, South Korea, January 18, 2017. (Photo by AFP)
South Korea's President Park has been hit by a months-old major corruption scandal, in which the first female president of the country has faced allegations of collusion with her long-time confidante Choi Soon-sil to pressure major corporations to contribute money to non-profit foundations Choi controlled.
"Samsung has absolutely never bribed the president seeking something in return or sought illicit favors," Samsung Group said in a statement, adding, "We will do our best for the truth to be revealed in court."
The head of corporate analysis firm CEO Score, Park Ju-gun, said if Lee was arrested, it would affect some long-term operating decisions as well as his plans to consolidate management control of the group. However, the impact on Samsung's near-term earnings would be limited because they are run by professional managers.
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