Samsung heir arrested in corruption scandal
The heir to the Samsung business empire has been arrested on corruption allegations, CNN reports.
Lee Jae-yong, the de facto leader of South Korea's biggest conglomerate, has been under investigation as part of the huge political corruption scandal that has rocked the country.
Early Friday, a judge in Seoul approved a request from prosecutors for an arrest warrant for Lee, the prosecutor's office said. That means Lee will be held at the detention center where he had been awaiting the court decision.
Prosecutors allege that the executive, who's also known as Jay Y. Lee, pledged tens of millions of dollars to win favor with President Park Geun-hye and secure government support for a controversial merger that helped tighten his grip on Samsung.
They are accusing him of bribery, perjury, concealing criminal profits, embezzlement and hiding assets overseas.
Samsung and Lee have denied the allegations.
"We will do our best to ensure that the truth is revealed in future court proceedings," Samsung said in a statement Friday after the judge approved the arrest warrant for Lee.
The judge rejected a request for a warrant to arrest Park Sang-jin, the president of Samsung Electronics (SSNLF).
Lee is a vice chairman of Samsung Electronics, the crown jewel in the family's sprawling array of businesses, which also include construction, shipbuilding and even theme parks.
Samsung Electronics shares fell as much as 2% in Seoul on Friday after Lee was arrested.
The prosecutors first sought to arrest Lee in January, but a judge turned down that request, citing a lack of evidence. At the time, the prosecutors vowed to "steadily" pursue their investigation of the Samsung heir.