Technology

Samsung boss spends first night in a cell

Samsung boss spends first night in a cell

Both Lee and Samsung have denied any wrongdoing. Lee was subsequently taken into custody and placed in a city detention center. Like Lee, Park's confidante Choi was previously arrested and is awaiting trial, as is Samsung Electronics President Park Sang-jin.

The prosecution said it had secured additional evidence and brought more charges against Mr Lee, the group's third-generation leader, in the latest warrant request. Lee had allegedly paid bribes worth 43 billion won (more than Rs 200 crore) to organisations with links to Choi Soon-sil.

Some conservative commentators are anxious that Lee's arrest could hurt Samsung's businesses and therefore the economy, which relies on such companies for exports and jobs. Prosecutors will have up to 20 days to indict Lee.

Professor Cho Chang-hoon from Sogang University Business School said it sends a message: "With the owner of the company being arrested, it will mean not only financial losses for Samsung, but also social costs as well". The 48-year-old, described as a key suspect in the scandal, narrowly avoided being formally arrested last month, after the court ruled there was insufficient evidence.

Toshiba remains committed to United Kingdom nuclear project for now
Stricter safety standards after the 2011 Fukushima nuclear accident in Japan added to the cost of plants in China and the U.S. Relegation would make it "tougher for the company to attract investors" and so make its troubled turnaround even more hard .

Decisions that could be complicated by Lee's arrest include deliberations over whether to reorganize the group under a holding company structure, as well as its plan to abandon its future strategy office, a central decision-making body that came in for criticism during the scandal. But on Friday, a court spokesman said in a statement: "It is acknowledged that it is necessary to arrest (Lee Jae-Yong) in light of a newly added criminal charge and new evidence".

While Lee is Samsung's current vice chairman, he is essentially de facto head of the company given his father, chairman Lee Kun-hee, has been hospitalised since 2014 after suffering a heart attack. Prosecutors have accused Lee and Samsung of bribing a close friend of the former president in exchange for government favours.

Park, meanwhile, is waiting for the Constitutional Court to decide whether to uphold the impeachment vote which took place on 8 December 2016.

At a national committee hearing looking into the scandal past year, Lee said he didn't know Choi under oath, which investigators believe is a lie. And Lee also confirmed the firm gave a horse and money to help the equestrian career of Choi's daughter, Chung Yoo-ra, something he said he now regretted. Large, family-controlled conglomerates such as Samsung, which dominate South Korea's economy, are perceived as enjoying lenient treatment from the judicial system-a factor that has contributed to public anger over the scandal.


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