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takyon writes:

Samsung's vice chairman Lee Jae-yong, aka Jay Y. Lee, has become a suspect in a corruption probe linked to the South Korean President:

A South Korean special prosecutor's office will question Samsung Group leader Jay Y. Lee as a suspect in a widening influence-peddling scandal that may force President Park Geun-hye from office. Prosecutors have been looking into whether Samsung payments of about 30 billion won ($25 million) for a business and foundations backed by Park's friend, Choi Soon-sil, were connected to a 2015 decision by the national pension fund to back a controversial merger of two group affiliates.

Park could become South Korea's first democratically elected leader to leave office early after parliament voted in December to impeach her over the corruption scandal, which has triggered big weekly rallies calling for her to step down. The impeachment must be upheld or overturned by the Constitutional Court.

Meanwhile, protests against President Park Geun-hye, who has been impeached but has resisted stepping down, are heating up:

A Buddhist monk in South Korea has died after setting himself on fire in protest over a 2015 deal struck with Japan on wartime sex slaves. The monk, named as Venerable Jung-won, 64, staged the protest on Saturday at a rally against President Park Geun-hye. He died on Monday night at a hospital in Seoul due to multiple organ failures caused by his burns.

[...] In 2015, Ms Park reached a deal with Japan which saw it promise to pay into a fund for South Korean women who were forced to work in Japanese military brothels during World War Two. As part of the deal, the two countries agreed that the compensation and an apology would "finally and irreversibly" resolve the matter.

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takyon writes:

It's about time for Jay Y. Lee to flee the country, as South Korean prosecutors are seeking a warrant for his arrest:

Prosecutors are seeking a warrant to arrest Samsung Group's Jay Y. Lee for allegations including bribery and embezzlement, a stunning turn for the scion of South Korea's richest family groomed for decades to take over the company from his father.

Lee, 48, the de facto head of the Samsung Group and vice chairman of Samsung Electronics Co., is accused of participating in payments that Samsung made to a close friend of South Korean President Park Geun-hye in exchange for government support in the company's succession planning. A court will still have to determine whether to approve the warrant, which was announced by prosecutors in a briefing on Monday. A hearing is scheduled for Wednesday.

Also at CNBC and NYT:

The special prosecutor, Park Young-soo, said the money represented bribes from Samsung. He said that he had asked a Seoul court to issue an arrest warrant for Mr. Lee; it usually takes a few days for a court to decide whether to grant such a warrant.

If Mr. Lee is arrested, it will be a landmark in South Korea's efforts to fight corruption in the country's powerful family-controlled conglomerates, known as chaebol, and could disrupt his efforts to inherit management control of Samsung, whose tentacles in telecommunications, shipbuilding and a range of other industries reach throughout South Korea's economy.

Previously: Samsung Vice Chairman a Suspect in South Korean Presidential Bribery Probe

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takyon writes:

Update: BBC and Reuters report that South Korean President Park Geun-hye has been removed from office. The Constitutional Court upheld the impeachment in an 8-0 decision.

Samsung Group's vice chairman and "de facto leader" Jay Y. Lee and four other executives have denied the charges against them in what is being called South Korea's "trial of the century":

Five executives at Samsung, including the conglomerate's de facto leader, Lee Jae-yong, formally denied bribery charges against them on Thursday, in a preliminary hearing for a trial with the potential to shake South Korea.

Mr. Lee, who also goes by the name Jay Y. Lee, and the other executives face charges that strike at the heart of the deep ties between the South Korean government and powerful family-controlled businesses, a source of growing public resentment. Parliament voted in December to impeach President Park Geun-hye over accusations of corruption and other abuses of power, and she could be formally removed from office soon.

But the related arrest of Mr. Lee, scion of the country's biggest and most profitable conglomerate, or chaebol, is a momentous turn in itself. Chaebol bosses, including Mr. Lee's father, have been convicted in previous corruption cases, but punishments have usually been light or commuted. Many see Mr. Lee's trial as a test of whether South Korea can change by abandoning longstanding deference to the business clans that have dominated the country's glittering economic rise. The chief prosecutor has said it could be the "trial of the century."

Also at CNN and The Verge.

Previously: Samsung Vice Chairman a Suspect in South Korean Presidential Bribery Probe
Warrant Sought for the Arrest of Samsung's Vice Chairman

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takyon writes:

Samsung Electronics Vice Chairman Jay Lee could face 12 years in prison if found guilty on August 25th:

Samsung Electronics Vice Chairman Jay Y. Lee fought back tears and denied wrongdoing on Monday as prosecutors sought a 12-year jail term on charges that include bribing the former president to help cement control of the South Korean tech giant.

Lee, the de facto leader of one of Asia's largest conglomerates, has been in detention since February on trial for charges ranging from embezzlement to perjury, in a scandal that gripped the country for months and led to the ouster of former president Park Geun-hye.

He will face the longest prison term on record for a South Korean conglomerate executive if the court finds him guilty when it makes a ruling Aug. 25, two days before Lee's current period of detention ends.

Other charges he faces include wrongfully transferring assets overseas and hiding the proceeds of a crime.

Previously: Warrant Sought for the Arrest of Samsung's Vice Chairman
Samsung Vice Chairman a Suspect in South Korean Presidential Bribery Probe
President Park Geun-hye's Impeachment Upheld as South Korea's "Trial of the Century" Begins

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takyon writes:

South Korea's former President Park Geun-hye has been imprisoned for 24 years for her role in a corruption scandal:

Park became South Korea's first democratically elected leader to be forced from office last year when the Constitutional Court ordered her out over a scandal that landed the heads of two conglomerates in jail. The court also fined Park, the daughter of a former military dictator, 18 billion won ($16.9 million) after finding her guilty of charges including bribery, abuse of power and coercion.

"The defendant abused her presidential power entrusted by the people, and as a result, brought massive chaos to the order of state affairs and led to the impeachment of the president, which was unprecedented," judge Kim Se-yoon said as he handed down the sentence.

Up to 1,000 Park supporters gathered outside the court, holding national flags and signs calling for an end to "political revenge" against her.

The court found Park guilty of colluding with her old friend, Choi Soon-sil, to receive about 7 billion won ($6.56 million) each from Lotte Group, a retail giant, and Samsung, the world's biggest maker of smartphones and semiconductors, while demanding 8.9 billion won from SK, an energy conglomerate. Most of the money was intended to bankroll non-profit foundations run by Choi's family and confidants, and to fund the education of Choi's horse-riding daughter, the court said.

Also at BBC and NYT.

Previously: South Korean President Park Geun-hye Impeached
President Park Geun-hye's Impeachment Upheld as South Korea's "Trial of the Century" Begins
Ousted South Korean Leader Behind Bars After Arrest on Bribery Charges
Samsung Electronics Vice Chairman Sentenced to Five Years in Corruption Scandal Ruling

Original Submission

takyon writes:

Lee Jae Yong: Samsung heir gets prison term for bribery scandal

Samsung heir Lee Jae Yong has been sentenced to two years and six months in prison by a high court in South Korea.

The bribery case is a retrial of an earlier one involving the country's former President Park Geun-hye, who was also jailed for bribery and corruption.

Lee has been the de facto head of Samsung Electronics since 2014.

The ruling is likely to have ramifications for the future of his role at the tech giant.

News of the sentence sent Samsung electronics shares more than 4% lower before they began to claw back some ground.

Also at Wccftech.

Previously: Samsung Vice Chairman a Suspect in South Korean Presidential Bribery Probe
Samsung Vice Chairman Arrested For Bribery, Perjury And Embezzlement
President Park Geun-hye's Impeachment Upheld as South Korea's "Trial of the Century" Begins
Samsung Electronics Vice Chairman Sentenced to Five Years in Corruption Scandal Ruling

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