Around the globe, there are countless instances of political, corporate and religious philandering and scandal.
It is any surprise then when we hear about the Samsung corruption scandal? Money is the ultimate dictator, served by all. these.
South Korea is not exempt, with the coming to light of outrageous scandals involving the recent arrest of the actingHead of Samsung. Lee Jae-Yong, also known as Jay Y Lee, arrested Thursday, has swapped his billionaire lifestyle for a solitary confinement cell.
Special prosecutors have laid charges of corruption against Lee. With accusations of $43 billion bribes paid to a president crony, Choi Soon-Sil. He also faces charges of perjury, embezzlement, bribery and hiding assets abroad.
South Korea’s impeached President, Park Geun-Hye is already in boiling hot water over her connection to Choi.
Lee’s bribing for favors from Choi completes a full circle in this corporate whoredom. Choi’s relationship with Park raises suspicions in South Korea. Choi’s father, Choi Tae-min was the notorious cult leader of Yongsae-gyo (Church of Eternal Life).
Declaring himself the future Buddha, he became the spiritual confidant to Park. After his death, Choi appears to have taken over this role. Even to the point of choosing Park’s clothes and helping her write political speeches.
Her involvement causes concern for the nation of South Korea, is Choi treating the leader of the nation as a puppet? More for financial gain, than spiritual, they suspect.
This is where the buck stops with Lee. Lee took over as head of Samsung after his father’s heart attack in 2014. Samsung is not willing to hedge bets on his innocence, instead willing to wait for the revelation of truth in court. So far there is no word if they will post bail or even contest the arrest.
The company has faced accusations of seeking governmental favors in the past
Previously, Park had pressured Samsung into making hefty donations into foundations run by Choi. All deny wrongdoing. Park pleads naivety in her relationship with Choi. Despite the dangerous government influence and financial benefits Choi clearly enjoyed. For all intents and purposes, the relationship appears to be a scandal.
What is rocking the nation is the tarnishing of the Samsung brand. As South Korea’s biggest conglomerate, it puts the nation on the global map and provides it with legitimacy on the world stage.
South Koreans are nostalgic for the company run by the heir’s father. So powerful is Samsung’s influence in the nation, many believe the corporation holds more sway than the government.
As a modern Korean empire, Lee was also given the moniker of prince
He would be the 3rd generation president to the company. Lee has an estimated net worth of $5.4 billion. Lee first drew suspicions of scandal in South Korea in 2015 when he pushed a controversial merger through.
In order to strengthen his family’s shareholdings, he struck a deal between Samsung and Cheil Industries. Shareholders were angry as the deal brought little profit. It appeared clear to them it was merely a strategic effort for Lee to take over company presidency from his father.
This deal now beats at the heart of the charges facing him, and special prosecutors have been investigating ever since. It was only a month ago Lee walked free, as at that stage prosecutors had failed to accumulate sufficient evidence.
But more evidence did come to light
This includes further corruption and offenses. Prosecutors claim this new information proves that what Lee paid to Choi facilitated the 2015 deal. Choi secured the government support for it after receiving the monies. Lee denies this, claiming the government pressured him, threatening to victimize him.
Prosecutors have 10 days to indict Lee, although they may seek an extension if necessary. Subsequently, the court will need to make its first ruling on the scandal within 3 months. The first court decision was due on Friday, February 17.
TWITTER VIDEO – Reuters TV
South Korea’s massive corruption scandal takes a dramatic turn, with billionaire Samsung boss Jay Y. Lee behind bars pic.twitter.com/Visf1265b2
— Reuters TV (@ReutersTV) February 17, 2017