S. Korea to grill Samsung exec on scandal
Print Edition
SOUTH Korean authorities said yesterday that a Samsung scion will be questioned as a suspect in a bribery case in the massive influence-peddling scandal that led to the impeachment of the country’s president.
Lee Jae-yong, Samsung Electronics’ vice chairman, will be summoned to face questions by investigators probing whether South Korea’s largest business group bribed a jailed confidante of President Park Geun-hye to win favors, said Hong Jong-seok, a spokesman for the special prosecutor team investigating the scandal.
Those possible favors include getting the government’s backing on a controversial merger in 2015 that was opposed by minority shareholders, Hong said.
Lee and members of his family were the biggest beneficiaries of the merger of Samsung C&T and Cheil Industries, which helped Lee increase his control over Samsung Electronics without having to spend his own money to buy its shares.
The former health minister overseeing the government-controlled national pension fund was arrested last year. The pension fund, the biggest shareholder in Samsung C&T, voted for the merger even though its advisers recommended voting against it, giving the crucial vote Samsung needed to secure shareholder approval.
Prosecutors are expected to grill Lee starting today regarding why Samsung Group sent corporate funds to Choi Soon-sil, the jailed presidential confidante, including buying costly horses for her daughter, who was on the national dressage team.
Samsung Group did not immediately respond to an email yesterday seeking comment.
Two Samsung executives, including a man known as Lee’s mentor, were questioned in the case earlier this week.
When Lee appeared at a public hearing last month, he told lawmakers that he was not aware of the decision to fund Choi’s daughter. He also denied that Samsung tried to win favors through the funds.
Lee, the only son of Samsung’s ailing chairman and a grandson of the company’s founder, acknowledged that it was “inappropriate” but “inevitable” to send money to Choi. He did not elaborate.
Prosecutors asked lawmakers to file a complaint against Lee for alleged perjury at the hearing. Cho Myung-sik, a parliamentary official, said yesterday that lawmakers would review the request.
Authorities declined yesterday to confirm how much money Samsung spent on Choi’s companies or foundations. Samsung has declined to comment.
Local media and legislators say Samsung signed a contract worth over US$18 million with Choi’s company to bankroll her daughter’s equestrian training and donated US$17 million to two nonprofit foundations whose funds were allegedly for Choi’s personal use.
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