Warrant issued for ex-chief of Samsung for market manipulation and fraud

AppleInsider

South Korean authorities have issued another warrant for the arrest of the "Crown Prince of Samsung," Lee Jae-yong, just two years after his bribery charges were pardoned.

Lee Jae-yong -- often referred to as Jay Y. Lee in English speaking countries -- has found himself in hot water once again. The de facto head of Samsung has been accused of manipulating markets and accounting fraud.

According to BusinessKorea, prosecuters have been investigating suspicions surrounding the merger of Samsung C&T and Cheil Industries.

The arrest warrant was issued on June 4 and serves Lee, as well as two former Samsung executives -- Choi Ji-sung, former head of the group's Future Strategy Office, and Kim Jong-joong, former head of the U.S. strategy team.

The trio was charged with committing illegal transactions, market manipulation in violation of the Capital Markets act, and accounting fraud in breach of the Act on External Audit of Stock Companies.

Lee had asked the Seoul Central District Prosecutors' Office to allow for independently contracted experts, not prosecutors, to determine whether or not his indictment is valid. The Prosecutors' Office plans on convening a citizen prosecutorial committee to decide whether it is appropriate for experts or prosecutors to determine Lee's indictment.

In 2017, he was given a five year sentence for his role after a six-month trial, convicted for bribery and other charges relating to a national scandal that saw the downfall of former Korean President Park Geun-hye.

He was released early from prison in 2018, in time for Samsung to sponsor the 2018 Pyeongchang Winter Olympic Games.

In 2018, his father, Lee Kun-hee, was identified by police as a suspect in a tax evasion case, after authorities discovered evidence that 8.2 billion won ($7.5 million) in taxes had been avoided by concealing them in fraudulently opened accounts.

anantksundaram

Yet another one?!

Yikes, they seem to have an endless supply. 

jwsc

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

edited June 2020

hammeroftruth

JWSC said:

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

I think the bribes stopped coming, so now they actually have to do their job. 

I remember when Apple and Samsung were aggressively suing each other and Samsung had a good PR smear against Apple to get many journalists to side with Samsung. At the time I read an article where a journalist showed how Samsung ripped off Dyson’s design for a vacuum. It look almost identical to Dyson’s product and Samsung explained it wasn’t similar and it was just coincidental that the product looked almost exactly like Dyson’s. 

spamsandwich

Sometimes there just aren’t enough bribes.

gilly33

hammeroftruth said:

JWSC said:

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

I think the bribes stopped coming, so now they actually have to do their job. 

I remember when Apple and Samsung were aggressively suing each other and Samsung had a good PR smear against Apple to get many journalists to side with Samsung. At the time I read an article where a journalist showed how Samsung ripped off Dyson’s design for a vacuum. It look almost identical to Dyson’s product and Samsung explained it wasn’t similar and it was just coincidental that the product looked almost exactly like Dyson’s. 

Samsung has no shame. 

sflocal

Just a typical day for Samsung.

badmonk

hammeroftruth said:

JWSC said:

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

I think the bribes stopped coming, so now they actually have to do their job. 

I remember when Apple and Samsung were aggressively suing each other and Samsung had a good PR smear against Apple to get many journalists to side with Samsung. At the time I read an article where a journalist showed how Samsung ripped off Dyson’s design for a vacuum. It look almost identical to Dyson’s product and Samsung explained it wasn’t similar and it was just coincidental that the product looked almost exactly like Dyson’s. 

——————
Samsung also did the same thing to the Japanese electronics industry—by copying products shamelessly and than underselling them to consumers.  By the time legal proceedings were completed, the damage was done and the Japanese firms lost market share and profit.

hentaiboy

gilly33 said:

hammeroftruth said:

JWSC said:

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

I think the bribes stopped coming, so now they actually have to do their job. 

I remember when Apple and Samsung were aggressively suing each other and Samsung had a good PR smear against Apple to get many journalists to side with Samsung. At the time I read an article where a journalist showed how Samsung ripped off Dyson’s design for a vacuum. It look almost identical to Dyson’s product and Samsung explained it wasn’t similar and it was just coincidental that the product looked almost exactly like Dyson’s. 

Samsung has no shame. 

sflocal said:

Just a typical day for Samsung.

Apple has bad eggs as well you know:

https://www.bloomberg.com/news/articles/2019-10-24/ex-apple-lawyer-levoff-indicted-on-insider-trading-charges

sflocal

hentaiboy said:

gilly33 said:

hammeroftruth said:

JWSC said:

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

I think the bribes stopped coming, so now they actually have to do their job. 

I remember when Apple and Samsung were aggressively suing each other and Samsung had a good PR smear against Apple to get many journalists to side with Samsung. At the time I read an article where a journalist showed how Samsung ripped off Dyson’s design for a vacuum. It look almost identical to Dyson’s product and Samsung explained it wasn’t similar and it was just coincidental that the product looked almost exactly like Dyson’s. 

Samsung has no shame. 

sflocal said:

Just a typical day for Samsung.

Apple has bad eggs as well you know:

https://www.bloomberg.com/news/articles/2019-10-24/ex-apple-lawyer-levoff-indicted-on-insider-trading-charges

You're kidding right?  You're comparing an Apple employee to what is essentially a C-level top executive?  This is equivalent to someone like Tim Cook getting busted. 

Not the same thing, even if this lawyer was higher-up the ladder.

strangedays

hentaiboy said:

gilly33 said:

hammeroftruth said:

JWSC said:

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

I think the bribes stopped coming, so now they actually have to do their job. 

I remember when Apple and Samsung were aggressively suing each other and Samsung had a good PR smear against Apple to get many journalists to side with Samsung. At the time I read an article where a journalist showed how Samsung ripped off Dyson’s design for a vacuum. It look almost identical to Dyson’s product and Samsung explained it wasn’t similar and it was just coincidental that the product looked almost exactly like Dyson’s. 

Samsung has no shame. 

sflocal said:

Just a typical day for Samsung.

Apple has bad eggs as well you know:

https://www.bloomberg.com/news/articles/2019-10-24/ex-apple-lawyer-levoff-indicted-on-insider-trading-charges

You found one (and he's a lawyer, so...), congrats. Not nearly as bad as the legacy of family cronyism and crimes by Samsung people bigwigs.

Next.

edited June 2020

rayz2016

hentaiboy said:

gilly33 said:

hammeroftruth said:

JWSC said:

It takes balls for the Korean prosecutors to go after this family. They are protected by many in high places and going after them could be, at a minimum, career limiting and, potentially, much much worse. The power of the chaebol cannot be overstated.

I think the bribes stopped coming, so now they actually have to do their job. 

I remember when Apple and Samsung were aggressively suing each other and Samsung had a good PR smear against Apple to get many journalists to side with Samsung. At the time I read an article where a journalist showed how Samsung ripped off Dyson’s design for a vacuum. It look almost identical to Dyson’s product and Samsung explained it wasn’t similar and it was just coincidental that the product looked almost exactly like Dyson’s. 

Samsung has no shame. 

sflocal said:

Just a typical day for Samsung.

Apple has bad eggs as well you know:

https://www.bloomberg.com/news/articles/2019-10-24/ex-apple-lawyer-levoff-indicted-on-insider-trading-charges

That was so desperate I actually felt sorry for you. 

You’re trying to compare a company lawyer who traded shares illegally, with a man who runs an international conglomerate charged and convicted with bribery, stock market manipulation and fraud and who has been convicted so many times his cell has a revolving door?

Try again.