[BREAKING] Samsung Heir Summoned in Court for Allegedly Bribing Officials to Win Succession

Samsung Electronics Co. Vice Chairman and heir of the company Jay Y. Lee is now under facing scandalous claims by South Korean court officials. The vice-chairman will be facing court trials soon after authorities question his connection on the alleged accounting fraud, bribery, and the 2015 merger deal between two Samsung affiliates.

Samsung heir turns to court after issues on bribery and controversial 2015 deal

As reported via Reuters, the Seoul Central District Prosecutors Office called in Lee on Tuesday, May 26, due to alleged claims of his connection over illegal acts inside the company.

Samsung's de facto leader and supposedly heir of the company was said to be connected to bribing a friend of former President Park Geun-Hye to help him tighten the grip on his position on the company. At this time, he was also preparing to take over from the ailing former patriarch Lee Kun-hee.

Bloomberg reported that the billionaire heir already apologized on national TV when the scandals of his succession started to stir up. However, that did not end the investigations that were scheduled for the heir.

Prosecutors are expected to investigate Lee's illegal acts in the 2015 merger deal between construction firm Samsung C&T and fashion and theme-park operator Cheil Industries Inc.

Not only that, but it is also likely for the court trial to tackle the alleged financial fraud that happened at Samsung's Biologics Co.

As of now, Samsung has not yet released any confirmations or denials on whether these are the cases that will be investigated in court.

The United States hedge fund Elliott Management and other investors were the first ones to question the involvement of Lee on mysterious illegal acts done inside the company.

They imply that the billionaire has been doing these acts in order to keep his name in the company and to maintain the succession.

Samsung's issues on succession

On May 6, Lee had already given justifications that he will not surrender his position to his children.

"I do not plan to pass down my role to my children," the younger Lee, who is also known as Jay Y. Lee, told reporters at the time. "This is something I have thought about for a long time but have been hesitant to express openly. It was because not only is the business environment difficult, but I felt it would be irresponsible to speak on succession issues when I myself have not been properly proven yet," he added. His father was left incapacitated by a heart attack in 2014.

Samsung has around 15% of the country's entire economy. Aside from that, it is the world's leading smartphone maker and a vital supplier of memory chips and display screens.

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