Samsung's heir denies the charges at the start of his corruption trial - My Blog

Samsung’s heir denies the charges at the start of his corruption trial

Spread the love

Samsung’s heir denies the charges at the start of his corruption trial

Although Lee Jae-yong has not come to the hearing, his lawyers have rejected the charges against him, including bribery, embezzlement and concealment of assets abroad.

   The lawyers of the de facto president of the Samsung Group, Lee Jae-yong, have denied all the charges against his client at the first hearing of the corruption trial that implicates him in the plot of the South Korean ‘Rasputina’.

The one-hour preparatory hearing held in Seoul’s central district court was not attended by Lee, 48, who by law was not required to appear before the court today.

The lawyers of Lee, arrested since last February 17, rejected during the hearing all the charges against him, including bribery, embezzlement and concealment of assets abroad.

  According to the agenda organized during today’s hearing for the trial against the South Korean tycoon, the sentence is expected to be published by the end of May.

The EU confirms the fine of 150 million euros to Samsung
sanction

The Court of Justice of the European Union today confirmed the fines imposed by the European Commission on Samsung and its subsidiaries in Malaysia and Germany, of 150.8 million euros in total, for participating in two cartels of cathode ray tube manufacturers for televisions and computers.

The highest European court rejected the appeal filed by the three companies against a previous ruling of the General Court, which in 2015 endorsed the sanction imposed by the community executive, the Court said in a statement.

In particular, Samsung and its subsidiary Malaysia will have to pay jointly and severally a fine of 69.418 million euros for participating with other manufacturers in a cartel of cathode tubes for computer screens.

Brussels imposed a fine on Samsung and nine other television manufacturers in 2012 after verifying that they had participated in these two cartels between 1996 and 2006, practices with which they artificially lowered the prices for consumers to choose the new plasma and LCD devices, according to explained the Commission then.

The vice president of Samsung Electronics is accused of having authorized the deviation of 43,000 million won (35.4 million euros) to foundations under the control of Choi Soon-sil, known as the ‘Rasputina’ for his friendship with the South Korean president, Park Geun-hye.

In front of Samsung since 2014

The payments would have been made in exchange for the South Korean public pension fund having authorized in 2015 a merger of two subsidiaries of Samsung (one of which was owned by the fund) that reinforces the control of the Lee clan over the group.

Four other senior officials of the company, who remain at large, will be tried along with Lee, who took control of Samsung in 2014 after his father, Lee Kun-hee, suffered a heart attack that left him incapacitated.

The ‘Rasputina case’ led the South Korean Parliament to dismiss President Park Geun-hye last December and the country now awaits with expectation the decision of the Constitutional Court, which announces tomorrow whether or not to ratify this decision.

If Park’s dismissal is approved, which the prosecutor considers suspicious in the case, this would deprive her of her immunity and force her to call presidential elections within less than 60 days.

Leave a Reply

Your email address will not be published. Required fields are marked *