Samsung chief Lee arrested in corruption investigation

[Eugene]

Source: Reuters

Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal that led parliament to impeach South Korean President Park Geun-hye, dealing a fresh blow to the world's biggest maker of smartphones.

The 48-year-old Lee, vice chairman of Samsung Electronics Co Ltd (005930.KS), was taken into custody at the Seoul Detention Centre, where he had awaited the court's decision following a day-long, closed-door hearing that ended on Thursday evening.

The judge's decision was announced at about 5:30 a.m. (2030 GMT) on Friday, more than 10 hours after Lee, the sprawling conglomerate's third-generation leader, had left the court.

Shares in Samsung Electronics opened down 1.2 percent, while shares in Samsung C&T Corp (028260.KS), the de facto holding company of Samsung Group, opened down 3.2 percent compared with the wider market's .KS11 drop of 0.45 percent.

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Read more: http://www.reuters.com/article/us-southkorea-politics-samsung-group-idUSKBN15V2RD

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TECHNOLOGY NEWS | Thu Feb 16, 2017 | 7:46pm EST
By Hyunjoo Jin | SEOUL

[tenorly]

1. That the corruption was even investigated is good news in itself.

South Korea's Chaebol ruling elite rarely allow any sub-rosa dealings to come to light, much less result in actual prosecutions.

[guillaumeb]

2. Does this mean that in Korea CEOs are NOT above the law? eom

[rpannier]

4. Yes and No

When they get convicted, they usually spent a small amount of time in jail and then are released for 'the good of the country'
I kid you not, that is a common reason for the Courts or the President to release someone early
Another one (see the Korean Air Nutrage woman), is that prison is so hard on them that they should be let go because they've learned their lesson and they're not capable of dealing with prison life

I've lived in Korea and I kid you not, it happens A LOT!
Check out our road to getting the winter Olympics or trying to get the World Cup

[geek tragedy]

3. Wow, no one's above the law if he isn't nt

[AngryAmish]

5. Whoa.