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Samsung chief Lee Jae-yong arrested on bribery allegations

Samsung Electronics Vice Chairman and de facto head Lee Jae-yong has been arrested in South Korea on charges of bribery, perjury, and embezzlement, according to a report from Bloomberg.

The warrant for Lee’s arrest was issued by the Seoul Central District Court on Friday (February 17, 2017), and his trial may take as long as 18 months before reaching a verdict.

Bloomberg said that the arrest stems from allegations that the de facto Samsung chief paid 43 billion won ($38 million) to a close friend of South Korean President Park Geun-hye to gain government favors for his management succession.

Lee became Samsung’s de facto head when his father, Chairman Lee Kun-hee was hospitalized in 2014.

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