Seoul - 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. Investigators allege that Lee Jae-yong, vice chairman of Samsung Electronics Co., improperly directed company funds to a confidant of the impeached president, Park Geun-hye — perhaps in an effort to solidify his dynastic control over the tech giant, which is South Korea’s largest company. He had allegedly paid bribed to ensure the merger of two company affiliates as well as his control of the family business – he became the de facto head of the Samsung Group after his father was incapacitated by a heart attack in 2014. “We believe the court will make the appropriate judgment on this matter.”

If the arrest warrant is issued and leads to an indictment, these would be the latest criminal charges in an unprecedented power-abuse scandal that has rocked South Korea’s political system, leading to historic street protests in recent months. Last week, the investigators questioned Lee on allegations Samsung won government favors such as getting backing for the merger in exchange for donating corporate funds to various entities controlled by Choi Soon-sil, a long-time friend of President Park Geun-hye.
South Korean prosecutors issue an arrest warrant for Lee Jae-yong, a senior executive in the Samsung Group, in relation to the political scandal that has led to the impeachment of Park Geun-hye, the President of South Korea.