A PYMNTS Company

South Korea: Samsung vice chairman denies bribery allegation

By  |  December 6, 2016

Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday denied bribery allegations over last year’s controversial merger of two subsidiaries of the group which is South Korea’s largest family-run conglomerate.

“The merger of two companies has nothing to do with the transfer (of management control) for me and any other,” Xinhua news agency quoted Lee as telling lawmakers during a parliamentary hearing for the corruption scandal involving President Park Geun-hye and her longtime confidante.

Lee and other chiefs of the country’s major conglomerates attended the hearing on allegations that they decided to donate tens of millions of US dollars to two non-profit foundations controlled by Choi Soon-sil who has been charged with abuse of power and extortion.

Full Content: Economic Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.