SEOUL: The heir to South Korea’s Samsung empire appeared in court on Monday as judges deliberate on whether to detain him over a controversial merger of two business units seen as a key step to his succession. Prosecutors are seeking an arrest warrant for Lee on suspicion he was involved in price manipulation and illegal trading during the 2015 merger of Cheil Industries and Samsung C&T. The transaction was seen as helping ensure a smooth third-generational power transfer to Lee, a scion of Samsung’s founding family. Samsung’s overall turnover is equivalent to a fifth of the national gross domestic product, making it crucial to South Korea’s economic health. Samsung Electronics shares were down 0.35 percent in early morning trading in Seoul.

Source: Manila Times June 08, 2020 16:52 UTC