Court Orders Arrest Of Samsung Chief; Shares Stumble By .42%
Samsung Electronics shares stumble by 0.42 percent after Samsung leader Jay Lee arrest. The giant tech executive was arrested over a corruption scandal. On Friday morning, Lee was seized for bribery, embezzlement and perjury, which led to the impeachment of President Park Geun-hye.
Samsung Electronics dropped down to 1.6 percent; however, the shares of Samsung SDI climbed 0.8 percent and 0.7 percent for Samsung ElectroMechanics. The Samsung Engineering dropped 1.2 percent and the Samsung CT&T dipped by two percent.
According to some analysts, that Lee's arrest will have a great impact on Samsung and some global investor will be affected as well. Analysts revealed that the enormous tech profit is based on Samsung Electronics' fundamentals and strength, which negative feedback about the company will drag the company's market performance.
The Samsung chief denied any allegations towards him; however, the prosecutors still accused Lee of bribing and hiding assets overseas. Samsung spokesperson said that the case it not yet over, they will do their best to ensure that the truth will be revealed, as per Reuters. Lee is currently in a 6.56 square meter detention cell with a toilet and a television.
Lee was accused to have paid bribes of more than $36 million to the friend of the impeached president for business approval of a merger of two Samsung Group affiliates in 2015. Lee is divorced with two children. He has a net worth of $6.2 billion and owns a $4 million luxurious house in Seoul, South Korea. He lead a $297 billion manufacturing company of smartphones, flat screen TV and smart devices, as well as innovative chips.
Prosecutors have up to ten days to charge Lee. However, they are still looking to have more time to unveil the truth behind the allegations. Prosecutors plan to interrogate Lee again this Sunday. After the prosecution, the court will be required to have the first ruling within three months.
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