Samsung Vice Chairman and designated heir under investigation

4 Jun. – South Korean prosecutors have requested an arrest warrant against Jay Y. Lee, the heir of the Samsung Group, in the framework of an investigation on alleged frauds in a 2015 merger.

This is not the first trouble for Lee, which faced a trial for bribery and spent a year in detention between 2017 and 2018.

Jay Y. Lee (Photo by KBS – CC BY 3.0)

This time prosecutors sought Lee’s arrest because suspected of stock price manipulation and audit rule violations mainly: they are investigating suspected accounting fraud at Samsung Biologics after that the firm’s value had been inflated by $ 3,7 billion in 2015. According to prosecutors, this violation helped to increase the value of its major owner, Cheil Industries, which had Lee as its top shareholder.

Lee’s lawyers expressed regret for this decision, arguing that he had fully cooperated with the investigation.

Leave a Reply

Please Login to comment
  Subscribe  
Notify of