Heir-apparent in gaol: is it the end of the 'Samsung Republic'?
Date
2017-09-19
Authors
Kim, Hyung-A
Journal Title
Journal ISSN
Volume Title
Publisher
Asian Studies Association of Australia
Abstract
The billionaire heir-apparent to South Korea’s largest family-owned
conglomerate or chaebŏl, Samsung Electronics, has been gaoled for five
years for bribery and embezzlement, among other charges. Lee Jaeyong, aged 49, also known as Jay Y. Lee, is alleged to have offered or
pledged $US 36 million in bribes to Choi Soon-sil, a confidante of Park
for over forty years, in return for political favours.
The court, however, confirmed only South Korean Won (KRW) 7.2 billion ($US
6.8 million) as a bribe designed to win the government’s approval of a
controversial merger of two Samsung units so as to increase Lee’s control over the
entire Samsung empire. It would have cemented a power transfer from his father,
Lee Kun-hee, who has been in a coma since 2014.
Description
Keywords
Citation
Collections
Source
Asian Currents
Type
Newspaper/magazine article
Book Title
Entity type
Access Statement
Open access via publisher website