As new charges are brought against South Korea’s former President Park Geun-hye, the Chairman of Samsung has been named a suspect in a multi-million-dollar tax-evasion case. The latest developments represent the continuation of previous scandals that ultimately saw Park ousted from the Presidency and the heir of Samsung jailed for over a year.
The billionaire Samsung Electronics Vice Chairman and heir, Lee Jae-yong, was sentenced to five years in prison for paying bribes worth 8.9 billion won ($7.9 million) to a friend of then-president Park Geun-hye to win her support for the merger of two Samsung affiliates. The sentence marks a “watershed moment” for the country’s decades-long economic order dominated by powerful, family-run conglomerates.
On April 16th 2014, the Sewol ferry disaster took place off the coast of South Korea, leaving over 300 people dead; […]