South Korea seeks arrest warrant for Samsung heir in succession probe
By MYBRANDBOOK
Samsung Group heir Jay Y. Lee is facing an arrest warrant in the investigation of a controversial 2015 merger and alleged accounting fraud in a suspected bid to aid his succession plans, South Korean prosecutors reported.
The move spells fresh trouble for Lee, who, if arrested, faces a return to jail just a little over two years after being released from detention in February 2018.
Lee is already facing trial on a charge of bribery aimed at winning support to succeed ailing group patriarch Lee Kun-hee, and which involved former President Park Geun-hye, and spent a year in detention until the bribery case was suspended in 2018.
In a statement, Lee's lawyers expressed "deep regret" at the prosecution's decision to seek his arrest, adding that he had fully cooperated with the investigation while Samsung was going through management crises.
Prosecutors have been investigating suspected accounting fraud at drug company Samsung Biologics after the Korean financial watchdog complained the firm's value had been inflated by 4.5 trillion won ($3.7 billion) in 2015.
Prosecutors contend the violation helped boost the value of its major owner, Cheil Industries, which counted Lee as its top shareholder, and merged with Samsung C&T, a de facto holding firm, as per a news agency.
Samsung requested an outside review of the investigation to weigh the validity of the indictment and the Seoul Central District Prosecutors' Office is following the necessary procedures, it said in a statement.
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