{"id":14532,"date":"2017-01-15T17:56:39","date_gmt":"2017-01-15T17:56:39","guid":{"rendered":"https:\/\/seafarersrights.org\/head-of-samsung-may-face-arrest\/"},"modified":"2017-01-15T17:56:39","modified_gmt":"2017-01-15T17:56:39","slug":"head-of-samsung-may-face-arrest","status":"publish","type":"post","link":"https:\/\/seafarersrights.org\/head-of-samsung-may-face-arrest\/","title":{"rendered":"Head of Samsung May Face Arrest"},"content":{"rendered":"<article readability=\"24\">\n<p> By <b><a target=\"_blank\" href=\"http:\/\/maritime-executive.com\/author\/marex\">MarEx <\/a><\/b> 2017-01-16 12:56:39 <\/p>\n<p>Lee Jae-yong, the de facto leader of Korean industrial conglomerate Samsung, faces allegations that he funneled $36 million in bribes to the president of South Korea in exchange for help in gaining control of his family&#8217;s company. Prosecutors said Monday that they are seeking an arrest warrant, and Samsung responded in a statement that Lee had never made &#8220;improper requests related to . . . the leadership transition.&#8221; <\/p>\n<p>Samsung is South Korea&#8217;s largest company, and it accounts for 20 percent of the nation&#8217;s exports by value. In addition to its flagship electronics business, it owns construction firms, insurance companies, an ad agency and the world&#8217;s second-largest shipbuilder, Samsung Heavy Industries. In the past, regulators and prosecutors have had difficulty pursuing charges involving Samsung due to the firm&#8217;s outsize economic influence, and in its statement on Monday the prosecution team acknowledged this tension. &#8220;The impact of Lee&#8217;s arrest on the economy cannot be dismissed, but we put more weight on establishing justice,&#8221; said team spokesman Lee Kyu-chul, speaking to Korea Times.<\/p>\n<p>The conglomerate has been under the control of the Lee family since 1938, and Lee Jae-yong has cultivated the appearance of a tech-savvy modern executive who will shift the firm towards the future. His father, second-generation Samsung head Lee Kun-hee, resigned briefly in 2008 after he was found guilty of tax evasion and financial wrongdoing, including the creation of a slush fund for bribery. He was given a suspended sentence and eventually pardoned. Lee Kun-hee suffered a heart attack in 2014 and has been less visible since, giving his son an opportunity to step into the leadership role. <\/p>\n<p>The new turmoil at the top is not expected to have an immediate impact on the firm&#8217;s operations. Samsung Heavy Industries says that it expects a turnaround in market activity this year, and it has set a target of $6 billion in new orders for 2017. The yard is already about 20 percent of the way towards the annual target thanks to a $1.3 billion <a target=\"_blank\" href=\"http:\/\/www.maritime-executive.com\/article\/samsung-wins-13-billion-offshore-facility-order\">offshore facility order<\/a> for BP \u2013 the first offshore plant ordered at a Korean yard in 18 months.<\/p>\n<p><em><strong\/><\/em><\/p>\n<\/article>\n ","protected":false},"excerpt":{"rendered":"<div readability=\"3\">\n<p\/>\n<p>Lee Jae-yong, the de facto leader of Korean industrial conglomerate Samsung, faces allegations that he funneled $36 million in bribes to the president of South Korea in exchange for help in gaining control of his family&#8217;s company. Prosecutors said Monday that they<\/p>\n<\/div>\n<a class=\"dt-btn-l\" href=\"https:\/\/seafarersrights.org\/head-of-samsung-may-face-arrest\/\">Read More<\/a>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[33],"tags":[],"class_list":{"0":"post-14532","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-maritime-executive","7":"entry","8":"gs-1","9":"gs-odd","10":"gs-even","11":"gs-featured-content-entry"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Head of Samsung May Face Arrest - Seafarers Rights International<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seafarersrights.org\/head-of-samsung-may-face-arrest\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Head of Samsung May Face Arrest - Seafarers Rights International\" \/>\n<meta property=\"og:description\" content=\"Lee Jae-yong, the de facto leader of Korean industrial conglomerate Samsung, faces allegations that he funneled $36 million in bribes to the president of South Korea in exchange for help in gaining control of his family&#039;s company. 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