SME Times is powered by   
Search News
Just in:   • ABB: Building Growth Momentum  • Limelight Networks Expands Its Content Delivery Network  • FICCI Launches Insurance Policy for Start-ups, SMEs  • The World Games 2017 Delivered across Europe with SES Video  • Finstar to Invest USD150 Millon in Fintech 
Last updated: 17 Feb, 2017  

Samsung.9.Thmb.jpg Samsung stocks plunge over arrest of heir

Samsung.9.jpg
   Top Stories
» Ram Nath Kovind elected new President of India
» Share of MSMEs in India's exports near 50 pc in 2015-16: Sitharaman
» India to achieve 7.4 pc growth in 2017, predicts ADB
» Govt clears tax MoC with BRICS countries
» Cabinet approves merger of HPCL with ONGC
IANS | 17 Feb, 2017
South Korean tech giant Samsung Electronics' stock price plunged on Friday after it was announced that its vice president and heir to the business conglomerate was arrested over his alleged role in a corruption scandal.

Samsung Electronics, one of the stocks that holds the greatest weight in the Seoul Stock Exchange, opened with a sharp decline, hitting 0.60 per cent, and by 9.30 a.m., was down 0.47 per cent to stand at 1.892 million won ($1,653), Efe news reported.

Earlier in the day, Seoul Central District Court authorised Lee Jae-yong's arrest after "new charges and evidence" were presented.

Following the order, the 48-year-old tycoon was immediately arrested and sent to Uiwang Prison, southwest of Seoul.

Lee's arrest comes after prosecutors heading the corruption case that led to the impeachment of South Korean President Park Geun-hye asked for a second arrest warrant against the tycoon on Tuesday.

In a statement, the Samsung Group said it would do its best "to ensure that the truth is revealed in future court proceedings", and again denied allegations of bribery or receiving favours from Park.

South Korean experts believe that the country's largest conglomerate will temporarily suspend all of its operational restructuring as well as new investment plans following the arrest of its de facto leader, Yonhap News Agency reported.

Prosecutors now have 20 days to formalise the detention or release him on probation.

Lee is accused of instructing the conglomerate to give financial support to Choi Soon-sil, nicknamed the "South Korean Female Rasputin", in exchange for the government's backing of a merger between two of the group's subsidiaries.

The same court in Seoul rejected an earlier request for his arrest in January, citing a lack of evidence.

However, prosecutors this week argued that after three weeks of further investigation, they had obtained new evidence and filed new charges.

In addition to bribery, Lee is accused of obstruction of justice and the violation of a law on the transfer of assets abroad.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.65
63.95
UK Pound
85.35
82.50
Euro
74.65
72.25
Japanese Yen 58.30 56.35
As on 21 Jul, 2017
  Daily Poll
Would you like to go for the Digital MSME scheme?
 Yes
 No
 Can't say
  Commented Stories
» Digital MSME scheme: Cloud made easier(14)
» Co-origination model: A new approach to MSME credit(11)
» Starting an import export business: Basic guide for beginners(5)
» RBI for PCR, says will address credit issue of MSMEs, startups(3)
» 'GST to help MSMEs to compete with cheap imports from China, others'(3)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter