It has been confirmed now, Samsung Group's vice chairman, Jay Y. Lee, is being charged with bribery. South Korea's special prosecutor's office just confirmed the news, and it seems like four other executives will join their leader. This trial could take up to 18 months, and it has the ability to seriously shake up Samsung as a company, as Jay Y. Lee is the main figure in Samsung, a man who is expected to take over the company following his father's health issues.
Jay Y. Lee was arrested over a week ago, on February 17, following accusations that he was a part of the bribery scandal that rocked South Korea. Jay Y. Lee, and some other executives were, allegedly, donated millions of dollars to two foundations which were controlled by the son of a South Korean president, Choi Coon-sil. According to allegations, these bribes had a very specific purpose, they were supposed to get the South Korean pension fund to back a merger between two of Samsung Group's holding companies. "The five executives will face charges including bribery, embezzlement and hiding assets overseas," said Lee Kyu-chul, a spokesman for the special prosecutor. Now, as far as Jay Y. Lee in specific is concerned, he will be charged with committing perjury before parliament it seems.
In the first paragraph, four other executives were mentioned. As far as Samsung Group goes, vice chairman Choi Gee-sung and president Chang Choong-ki are being charged. Two executives from Samsung Electronics Co Ltd are also a part of all this, company's president, Park Sang-jin and vice president, Hwang Sung soo. Samsung Group refused to comment on the news, and it seems like some other conglomerates may become involved in all this as the investigation moves on. That being said, we're waiting for March 6 in order to hear more news about this case, as that is the date when the special prosecutor's office will make an official announcement regarding the conclusion of their investigation, and we should get far more detail then, though things are not looking great for Samsung's vice chairman at the moment, and that might reflect on Samsung Group, these are serious allegations that he needs to deal with.