South Korea faces a tenuous balancing act. In chaebol culture, often likened to an imperial monarchy within South Korea, the chairman must endorse or make corporate decisions. On Friday, Moon Jae-in, the opposition leader who tops surveys of potential candidates to replace Ms. Park, called the arrest "proof that justice is still alive in South Korea." With Mr. Lee gone, there is no top executive to make long-term plans and strategic decisions. Advertisement Continue reading the main storyThe police arrested Mr. Lee and took him into custody, an unprecedented move for a major Samsung official.
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Samsung chief grilled for 15 hours in South Korea graft probe
Samsung Group chief Jay Y. Lee was questioned by South Korea's special prosecutor for more than 15 hours as part of an investigation into a graft scandal that threatens to topple President Park Geun-hye. Lee, who has denied allegations of bribery through samsung Group spokespeople, had arrived at the office on Monday morning. Proving illicit dealings between Park or those linked to her and samsung Group is critical for the special prosecutor's case that ultimately targets Park, analysts have said. The 48-year-old executive, the third-generation leader of the country's top conglomerate, made no facebook/" target="_blank">comment as he was shown on live television leaving the prosecutor's office in southern Seoul in a black car early on Tuesday. The prosecution has also identified four other samsung executives as suspects and have summoned three of them.
Samsung BioLogics denies fraud allegations in South Korea listing
The listing of Samsung BioLogics in November last year was the second largest in on record and raised 2.25 trillion won ($1.97 billion). Contract manufacturing firm samsung BioLogics has denied allegations it juggled its accounting to show a surprise profit ahead of a listing last year on the South Korea stock exchange, saying a revaluation of its stake in biosimilar maker samsung Bioepis was in line with accounting practices, The Korea Herald reported on Friday. samsung BioLogics makes drugs for firms such as Swiss-based Roche under license, while it owns a stake of more than 90 percent of Samsung Bioepis, which makes biosimilars, versions of complex molecule drugs such as autoimmune disease therapy Enbrel. Follow CNBC International on Twitter and Facebook. Read the full report here.
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