A real-life chaebol heir's arrest in South Korea has made huge international headline news. Lee Jay Yong, Vice Chairman of the famous Samsung Group, has been taken into custody. Find out more about what happened.

Lee Jay Yong (also known as Jay Y. Lee in the West) is 48 years old and the eldest son of Samsung's Chairman Lee Kung Hee, who himself is the son of Samsung's founder, Lee Byun Chul.  Although he is officially Vice Chairman, Lee Jay Yong is considered the de facto leader of Samsung since 2014 when his father suffered a heart attack.

Based on an arrest order granted on February 17, Lee Jay Yong has been arrested and detained due to allegations related to South Korea's President Park Geun Hye, who has been impeached by the parliament and is currently awaiting the constitutional court's final ruling. The special prosecutor's office accuses Lee of bribing President Park's close personal friend to gain favorable treatments by the government. Samsung and Lee have denied wrongdoings.

Here is a succinct summary of the billionaire businessman's arrest and alleged charges:

Samsung is one of the leading international brands, and the news related to Mr. Lee's arrest rivals the dramatic intrigue in many Korean dramas, not to mention that the company's subsidiary, Samsung Electronics, recently discontinued its Galaxy Note 7 smartphones following incidents of battery explosions. 

Mr. Lee's unprecedented arrest has naturally led to the speculation about the impact to Samsung. According to an analyst who was interviewed on Bloomberg, the conglomerate should be able to continue its operations with an experienced management team. Other experts said the company's long-term strategic planning will be negatively affected without a leader at the top.

The special prosecutor's office has announced that it plans to indict Lee Jay Yong of charges not just for bribery but also for embezzlement, perjury, and hiding assets overseas. 

In the meantime, Mr. Lee, who is worth more than 6 billions in net worth, is being detained in a 71-square-foot cell with a mattress on the floor. After spending a night at the jail, Mr. Lee was reported to be handcuffed as he was led to further questioning.

~ NancyZdramaland

Source via 123

(Photo image from Youtube)


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