Samsung Electronics vice chairman denies role in South Korean political scandal

Lee Jae-Yong, the vice president of Samsung Electronics, has denied the company’s role in South Korea’s political scandal involving the country’s president. He also stated that the conglomerate did not pay any bribes to gain business favors.

The political scandal includes South Korean President Park Geun-Hye, her close friend Choi Soon-sil, and the country’s six large business groups including Samsung, Hyundai, and Hanjin. Choi Soon-sil, the president’s close friend, allegedly used her influence to collect bribes from the country’s conglomerates for herself and her family’s gain.

It was revealed in an investigation that the business groups, including Samsung, paid bribes (or financial support) to foundations started by Choi Soon-sil as well as to her daughter’s equestrian career. However, the chaebols have denied any involvement in paying bribes and said that they were victims of extortion.

It is also being said that the group used Choi Soon-sil’s influence to force the national pension service – which owned a large stake in Samsung C&T – to vote in favor of a merger of two of Samsung’s affiliate companies. However, Lee has denied these allegations and said that Park didn’t ask for donations or financial support.

Via Source


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