Samsung leader Lee Jae-yong arrested on multiple convictions


The Seoul Central District Court issued the arrest warrant for the vice chairman of Samsung Electronics in the investigation team's second attempt at requesting the writ on charges of hiding criminal proceeds and violating the law on transferring assets overseas in addition to the charges of bribery, embezzlement and perjury that were turned down less than a month ago.

Reuters reports that Lee, 48, is in custody at the Seoul Detention Centre, as prosecutors once again seek an arrest warrant over bribery allegations, having failed to gain one last month. Prosecutors wanted Lee arrested earlier in January, but at that point, not enough evidence had been gathered and the judge denied their request.

It is expected that Lee would become chairman of Samsung after his father and current chairman Lee Kun-hee suffered a heart attack in 2014.

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"It is acknowledged that there are a need and reason for the arrest, given a newly added criminal charge and additional evidence". His grandfather, Lee Byung-chul, was the founder of the Samsung Group, and had faced smuggling charges but was not arrested. Choi has denied taking any part in the merger, while Lee has testified that he didn't play a role in Samsung's decision to make $17 million in donations to Choi.

The special prosecutor's office has focused its investigations on Samsung Group's [SAGR.UL] relationship with Park. Lee is the first Samsung boss to have been arrested. The order was made by the Seoul Central District Court, which reportedly elected not to issue an arrest warrant for Park Sang-jin, Samsung Electronics' president.

"The attention on Lee has shone a light on the powerful, patriarchal family-owned conglomerates here known as chaebol", Elise reported. This is the second attempt from a rigorous special prosecutor assigned to the case to have him arrested. Lee was accused of paying $36 million in bribes to President Park Geun-hye's "secretive confidante", Choi Soon-sil in return for political favors.

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If parliament's impeachment is upheld by the Constitutional Court, an election would be held in two months. She remains in office but has no power.

The Samsung group is South Korea's biggest conglomerate, or chaebol.

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