Lee Jae-yong, vice chairman of Samsung Electronics Company (AP Photo/ File) Lee Jae-yong, vice chairman of Samsung Electronics Company (AP Photo/ File)South Korean prosecutors on Monday sought a 12-year jail term for Samsung Electronics Vice Chairman Jay Y. Lee, over charges that include allegedly bribing the former president for government support to help Lee cement control of the group. Other charges he faces include wrongfully transferring assets overseas and hiding the proceeds of a crime. The defence reiterated his denial of wrongdoing, questioning whether the prosecution was relying on public sentiment to secure a prison term for Lee, 49, whose father, the group patriarch Lee Kun-hee, was hospitalised in 2014. The prosecution has said Samsung’s intent behind supporting funds backed by Park, and sponsorsing the equestrian career of the daughter of her confidante, was to get government support for efforts to cement Lee’s control of the smartphones-to-biopharmaceuticals business empire. In Lee’s absence, Samsung Electronics reported record quarterly earnings in late July.

Source: Indian Express August 07, 2017 05:49 UTC