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Samsung Bribery Charges Rock South Korean Business Industry

By March 15, 2017 at 1:39 am
Samsung bribery charges rock South Korean business industry (Photo : Chung Sung-Jun/Getty Images)

After revelations that one of its top officials will be getting the Samsung bribery charges, this recent shocker in the South Korean tech juggernaut has created ripples all throughout the country's business industry. Companies in South Korea are still mainly family-owned and this scandal may affect the South Korean business framework as we know it.

According to the Telegraph, Lee, who is the grandson of Samsung's founder and has been acting as the tech corporation's de facto leader since his father Chairman Lee Kun-hee fell ill, has denied all the accusations hurled at him via his lawyers in a preparatory hearing.

It can be remembered that the Samsung bribery charges were revealed after Lee was arrested for the offense plus embezzlement. According to NPR, the charges are very much connected to the same corruption scandal that became the cause of South Korean president Park Geun-Hye's impeachment.

There is another blow in the Samsung bribery charges that may strengthen the case against Lee. Just last week, Park's impeachment was upheld by the country's Constitutional Court, with Prime Minister Hwang Kyo-Ahn becoming Acting President until the next election. The scandal has also resulted in the rise in support for the main opposition party, the Minjoo Party, as the group has made the controversy a central issue in their talking points in the press.

It was said that one of Lee's charges was based on the fact that he allegedly pledged bribes to several companies and organizations that have a connection with Choi Soon-sil, a friend of President Park that is a central figure in the scandal. The bribes from the Samsung executive was said to have been made so he can protect and strengthen his stakes in his family's tech and pharmaceutical empire.

JK Daly will be posting more updates on the Samsung bribery charges in the coming weeks. Watch a report on the Samsung bribery charges in the video below.

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