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2 years ago

Samsung chief Lee Jae-yong attends court hearing for arrest warrant review

Arirang News
Arirang News
운명의 날 맞은 삼성... "위기 극복 위한 경영 정상화 절실" 호소

We start with the uncertainty surrounding Samsung.
The group's top executive is in court as we speak after prosecutors asked judges to issue an arrest warrant for him for alleged white-collar crimes dating back up to five years.
Kim Bo-kyoung has our top story.
The high-profile legal showdown between prosecutors and Samsung Group's Lee Jae-yong began Monday morning at the Seoul Central District Court.
Lee was joined by two Samsung executives, Choi Gee-sung and Kim Jong-joong from the group's now-deactivated control tower, the Future Strategy Office,... for the hearing that started at 10:30 AM, Korea time.
Swarms of reporters and camera crews were gathered to see if Lee would make a statement before entering the court, but he walked past quickly without uttering a word.
The billionaire Samsung Group heir is facing two charges.
The first is over the controversial 2015 merger between two Samsung affiliates Samsung C&T and Cheil Industries.
Lee is accused of intentionally manipulating their stock prices lowering the value of Samsung C&T's shares and inflating those of Cheil Industries' to ensure the merger went through without a hitch.
He's also accused of inflating the value of pharmaceutical company Samsung Biologics by committing accounting fraud.
Both of the alleged moves are seen by prosecutors as his bid to further cement his power over the group and facilitate a clean succession from his ailing father, Lee Kun-hee.
Samsung Group is in shock as the prosecution's move came right after Lee requested an external committee to decide whether such an investigation was even required.
Samsung issued a statement on Sunday, rebutting some of the points put forward by prosecutors,... and asked the court to "pave the way for the company which is South Korea's biggest to normalize its management structure" amid these unprecedented times with COVID-19 outbreak and the trade war between China and the U.S.
The court's decision could be out as early as Monday night or early Tuesday morning.
If an arrest warrant for Lee is approved,... it will be the second time in just 28 months that he has been arrested.
Lee spent around a year in detention for a previous corruption case, but that was suspended in February 2018.
Kim Bo-kyoung, Arirang News.

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