South Korean prosecutors are seeking to arrest Samsung Group heir Jay Lee on suspicions of stock price manipulation, accounting fraud & other crimes in a bid to aid his succession plans. Lee already spent a year in prison for bribery in a different case.
Seoul court’s decision Tuesday to deny an arrest warrant sought for Samsung Group’s de facto leader Lee Jae-yong in a succession-related probes.
Seoul Central District Court rejected the prosecution’s request to put Lee, vice chairman of Samsung Electronics, behind bars, over an on-going probe into a series of allegations, including stock manipulation and violation of capital laws.
He is accused of playing a role in the controversial merger in 2015 between two Samsung affiliates, Cheil Industries Inc. and Samsung C&T, that the prosecutors suspect was designed to help him gain greater control of the country’s biggest conglomerate.
Vice Chairman of Samsung Electronics Lee Jae-yong leaves the Seoul Detention Center, located in Uiwang, south of Seoul, on June 9, 2020, after a court denied the issuance of an arrest warrant.
“The case should be handled in a serious manner,” the group said, as it believed that his alleged illegal transactions were aimed at a father-to-son “transfer of power.”
Lee is the grandson of Lee Byung-chull, the founder of Samsung Group. His father, Lee Kun-hee, has been incapacitated since he suffered a heart attack in 2014.