Samsung Group steps in to deny allegations against heir Lee Jae-yong

Samsung Group has stepped in to deny the recent allegations concerning heir Lee Jae-yong's involvement in the controversial merger between Samsung C&T and Cheil Industries. The de facto leader was summoned for investigation by the Seoul Central District Prosecutor's Office last week, and local prosecutors sought an arrest warrant for Samsung's heir yesterday.

According to Yonhap News, Samsung Group's recent statement claims Lee Jae-yong had no role in the merger of the two subsidiaries back in 2015.

‘Allegations that Lee took part in a stock price manipulation scheme are groundless'

Samsung Group states that the allegations regarding Lee Jae-yong's involvement in stock manipulation are groundless. Samsung executives have been investigated on allegations of a deliberately-late announcement of an overseas Samsung C&T deal to manipulate stock values. However, Samsung Group now claims this to be untrue. Likewise, the company said the Samsung C&T and Cheil Industries valuations comply with regulations.

It remains to be seen where all of this will lead. Whether or not an arrest warrant will be issued for Lee Jae-yong will be decided on Tuesday at the latest, after a hearing will take place at a Seoul court on Monday. Should the worse for Lee Jae-yong come to pass, the de facto leader could end up being arrested on criminal charges once again.

Mihai Matei - Senior Editor

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First Samsung device: SGH-A800

Mihai is a blogger and column writer at SamMobile. His first Samsung phone was an A800 which took a lot of beating, and a part of him still misses the novelty of the clamshell design. In his free time, he enjoys watching shows, documentaries, and stand-up comedy; listening to music, taking walks, and occasionally playing old(er) video games.

General Lee Jae-yong South Korea