On Tuesday, special prosecutors in South Korea announced that they will indict Lee Jae-yong, the vice chairman of Samsung Electronics and acting head of the entire Samsung Group corporate empire, on charges of bribery, embezzlement, and other crimes linked to the scandal surrounding impeached President Park Geun-hye and her friend, Choi Soon-sil. Lee, 48, is one of South Korea's most powerful men, and his arrest on Feb. 17 was a big blow to the family business conglomerate founded by his grandfather. He took over effective leadership of Samsung after his father, Lee Kun-hee, fell ill in 2014, and he was widely expected to replace the elder Lee as chairman when he stepped down.
It was this smooth transition from father to son that prosecutors say landed Lee in trouble. He stands accused of paying Park and Choi $36 million in bribes to win government support for the dynastic succession, specifically through a merger of two Samsung businesses, eased by the support of the national pension fund. The announced indictment of Lee and four other Samsung executives, three of whom resigned on Tuesday, is the culmination of a three-month investigation by special prosecutors. On Tuesday, acting President Hwang Kyo-ahn declined to extend the investigation, bringing it to an end without prosecutors questioning Park. Park's impeachment is being adjudicated by the constitutional court; if it is upheld, she could face criminal charges, too.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Outer Hebrides: a top travel destinationThe Week Recommends Discover 'unspoiled beauty' of the Western Isles
-
The Biltmore Mayfair review: a quintessential slice of luxury LondonThe Week Recommends This swanky retreat in Grosvenor Square blends old-world glamour with modern comforts
-
Is ChatGPT's new search engine OpenAI's Google 'killer'?Talking Point There's a new AI-backed search engine in town. But can it stand up to Google's decades-long hold on internet searches?
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
-
Disney and DeSantis reach detenteSpeed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
-
Visa and Mastercard agree to lower swipe feesSpeed Read The companies will cap the fees they charge businesses when customers use their credit cards
