as declared in See also: Samsung leader arrested as part of South Korean President bribery case You might have heard a thing or two about Park, South Korea’s now former president.
Lee is currently vice-chairman of Samsung electronics but unofficially considered de facto boss of Samsung Group, the largest chaebol in South Korea.
Yesterday was a monumental day for all South Koreans: Park Geun-hye, whose approval rating fell below 5 percent in the last few months, was officially impeached by the constitutional court over bribery and corruption charges directly involving Samsung.
Although his fate remains unclear, now that Park is officially found guilty over the same bribery charges for which he was arrested, things aren’t looking too bright for him.
And at the center of it all is Samsung and the recently-arrested heir Lee Jae-yong.
Everything We Know About the Insane Scandal Rocking Samsung and South Korea
Chaebol is a big deal in South Korea, and it’s also been closely aligned with South Korean politics for many years.
AdvertisementBefore we wade into the details, however, it’s important to know a bit about the corporate structure of Samsung in South Korea.
The removal came four months after a corruption scandal rocked the foundation of not just the South Korean government, but also the nation’s biggest company.
Samsung is known as a chaebol—similar to a US conglomerate—and the entire operation, which includes Samsung Electronics, Samsung Life Insurance, and exploding battery-purveyor Samsung SDI, is controlled by various members of the Lee family.
Increasingly, the people of South Korea are becoming more uncomfortable with the idea of chaebol.
as informed in South Koreans shout slogans and hold banners reading ‘Park Geun-hye Detention’, during a rally against South Korean President Park Geun-Hye in Seoul on March 4, 2017.
A South Korean national flag with a picture of impeached South Korean President Park Geun-hye is seen during a rally opposing her impeachment in Seoul on Feb. 25, 2017.
NewslookLee Jae-yong, vice president of Samsung Electronics and Samsung Group’s heir apparent, arrives at the special prosecutor’s office in Seoul on Feb. 25, 2017.
(Photo: Lee Jin-man, AP)While South Korean business tycoons are occasionally arrested and prosecuted, more often they’re able to operate with impunity.
Lee’s upcoming trial has touched a raw nerve in South Korea about the role of Samsung and other massive conglomerates, known as chaebols.
collected by :Molly Tony