Samsung Chief Jay Y Lee has been arrested by the South Korea Police for the alleged involvement in the corruption that rocked the country. The 48-year-old Samsung Heir and Chief was arrested and has been lodged in the Seoul Detention Center. He has reportedly been given a Desk and a TV.
A Court in South Korea pronounced that the Samsung Chief can be arrested after the prosecution brought in more allegations and links for the corruption scandal that made the parliament of South Korea to impeach President Park Geun-Hye. The prosecution was demanding the arrest of Jay Y Lee and was rejected by the same court earlier. The prosecution would have around 10 days of time for indictment and soon after that, the court needs to provide the verdict within three months.
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The Samsung has not revealed that whether the court order would be challenged following the arrest of the Chief. However, it has been reported that the day to day operation of the Samsung Group and the 250,000 worldwide employees would not be impacted. However, this would be another blow for the company that is yet to recover from the Samsung Galaxy Note 7 flagship phone release of last year.
The share market of Samsung fell heavily following the arrest of the Chief and it is predicted that it would fall even more in coming days.
Jay Y Lee and President park Geun-Hye both have denied any wrongdoing. Samsung said that the truth will be revealed after the proceedings and neither Mr. Lee nor Samsung is involved in the corruption scandal.