Samsung Offices Raided as Scandal Around President Park Grows

[bananas]

Source: Wall Street Journal

South Korean prosecutors raided the offices of Samsung Electronics Co. early Tuesday morning amid allegations that the South Korean technology company gave money to a close friend of President Park Geun-hye who has been accused of exerting influence over government affairs.

A spokesman for Seoul Central District Prosecutor’s Office confirmed that it seized documents from Samsung’s office of external relations in Seoul’s Gangnam neighborhood. A spokeswoman for Samsung didn't immediately respond to a request for comment.

The prosecutors’ raid on Samsung suggests that the growing political scandal could now be turning toward the country’s sprawling conglomerates, who have long been some of South Korea’s most influential power brokers.

In recent days, the scandal has resulted in the resignation of the president’s chief of staff and four senior aides, and brought tens of thousands of protesters out into the streets of Seoul. Ms. Park, whose single five-year term is set to expire in about a year’s time, has seen her public-approval ratings sink to record lows amid calls for her resignation.

Read more: http://www.wsj.com/articles/samsung-offices-raided-as-political-scandal-widens-1478566324

[bananas]

1. BBC: Samsung raided in political corruption probe

http://www.bbc.com/news/business-37904802

Samsung raided in political corruption probe
2 hours ago

South Korean prosecutors have raided the offices of Samsung Electronics as part of a probe into the political scandal around President Park Geun-hye.

<snip>

In this latest twist of the scandal that's been rocking South Korea for weeks, prosecutors are investigating allegations that Samsung might have provided €2.8m euros ($3.1m, £2.5m) to a company co-owned by Ms Choi and her daughter, to bankroll the daughter's equestrian training in Germany.

Prosecutors are also reported to have raided the offices of the Korea Equestrian Federation and the Korea Horse Affairs Association.

<snip>

The scandal has left Ms Park with an approval rating of just 5%.

<snip>

[bananas]

2. Tech group ensnared as South Korean political scandal spreads to corporate sector

https://www.ft.com/content/136cce16-a54a-11e6-8b69-02899e8bd9d1

Prosecutors raid Samsung Electronics headquarters

Tech group ensnared as South Korean political scandal spreads to corporate sector

2 HOURS AGO by: Bryan Harris in Seoul

Prosecutors raided the Seoul headquarters of Samsung Electronics on Tuesday morning, as a political scandal that has ensnared the country’s president widened to South Korea’s corporate sector.

<snip>

As anger over the scandal has grown, tens of thousands of South Korean protesters took to the streets on Saturday. For many, the saga has reignited concerns about not only corruption and transparency, but also the close relationship between the government and the country’s top conglomerates, known as chaebol.

This is “definitely a bad case,” said Lee Seung woo, an analyst at IBK Investment and Securities. “But the cosy relationship between business and government has been in place in Korea for a long time.”

[yodermon]

3. This is a massive, massive scandal. If it weren't for our trumped-up election, i think

this would be a bigger news item over here. My wife is Korean and following this closely and it is gob-smackingly bad.
Park's approval rating is 5%.

[Ford_Prefect]

4. Didn't I read somewhere that money is political speech for corporations?

Is that right Justice Roberts?

[Javaman]

5. first their phones now their corporation. nt

[spiderpig]

8. And their washing machines!

This story reads like pulp fiction.

[wordpix]

6. back in the USA, how many corporations are raided by prosecutors' offices?

Anyone?

[C Moon]

7. +1