Twelve-year sentence for Samsung's vice-president? | RetailDetail

Twelve-year sentence for Samsung's vice-president?

Twelve-year sentence for Samsung's vice-president?
Shutterstock

Prosecutors in the Samsung corruption case have demanded a 12-year sentence for its former vice-president and de facto CEO of the South Korean company at the time, Jay Y. Lee, who has been charged with bribery and embezzlement.

Close ties to politics

The ball in the Samsung case started rolling several months ago and Lee has been in custody since February, suspected of bribing the South Korean former president Park Geun-hye. He apparently slushed 43 billion won (35.3 million euro) to organizations owned by Choi Soon-sil, a confidante of the former president and the centerpiece of the entire case. In exchange, he received several favours, both politically and business-wise.

 

The court is expected to reach a decision on 27 August, when Lee’s temporary custody expires. He is not the only one targeted by the court case, because four other former Samsung board members have been charged. Even other Korean companies are part of the entire court case.

 

Several major South Korean family-owned businesses have had strong ties with the political elite for quite some time, making it very hard for several smaller companies to break through. The local population is increasingly worried about these ties as well.

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Nestlé has lost KitKat's four fingers

23/04/2018

Chocolate bar KitKat’s four “fingers” are not distinctive enough to give Nestlé sole ownership. With its statement, the European Court has now ended a long-standing legal battle between KitKat and Leo.

‘Schnäppcam’ lures customers back to the store

16/04/2018

It seems a lost fight to compete with web shops, but not every retailer is simply throwing in the towel. A German household appliance seller has found an original way to entice customers.

Media Saturn launches first checkout-free store in Austria

12/03/2018

Saturn has opened Europe’s first checkout-free electronics store in Austria. The former Metro Group chain offers its customers traditional sales assistance, but payments have to happen using an app.

Media Markt unifies its online and offline pricing

26/02/2018

Ceconomy will create uniformity between Media Markt and Saturn’s online and offline pricing. This will be possible thanks to the digital price tags it now uses in the stores, because there can be altered in real-time.

Smartphone sales drop for the first time ever

22/02/2018

2017 may have been a record year for smartphone sellers, but the market is weakening: for the first time since 2004, there were fewer smartphone sales in the fourth quarter.

Merger paid off for Fnac Darty

22/02/2018

French entertainment and electronics retailer Fnac Darty (owner of Belgian chain Vanden Borre and Dutch BCC) has experienced a “solid 2017”, with a nearly 40 % turnover increase.