BREAKING NEWS

Samsung chief arrested over corruption allegations

By REUTERS

FEBRUARY 17, 2017 03:37

SEOUL - Samsung Group chief Jay Y. Lee was arrested early on Friday over his alleged role in a corruption scandal that led parliament to impeach South Korean President Park Geun-hye, dealing a fresh blow to the world's biggest maker of smartphones.

The 48-year-old Lee, vice chairman of Samsung Electronics Co Ltd, was taken into custody at the Seoul Detention Center, where he had awaited the court's decision following a day-long, closed-door hearing that ended on Thursday evening.

The judge's decision was announced at about 5:30 a.m. (2030 GMT) on Friday, more than 10 hours after Lee, the sprawling conglomerate's third-generation leader, had left the court.

Shares in Samsung Electronics opened down 1.2 percent, while shares in Samsung C&T Corp, the de facto holding company of Samsung Group, opened down 3.2 percent compared with the wider market's drop of 0.45 percent.

A spokeswoman for Samsung Group said no decision had been made about whether Lee's arrest would be contested or whether bail would be sought.

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