South Korean electronics major Samsung’s heir in waiting and Vice-Chairman Lee Jae Yong has been accused of bribing the South Korean President’s close aide in order to secure an approval for a merger that they needing. Although many people believe that the South Korean Prosecutors do not have enough evidence to tie Mr. Yong to the bribery, Mr. Yond could still land up in jail. A South Korean court recently dismissed an arrest warrant against Mr. Yong, saying that there was not enough evidence to support their arrest warrant. Also, the court did not belive Mr. Yong could influence the case if he was outside the prison. While Mr. Yong will not be heading to prison in the near future, the threat of prison is not completely off the table.
Samsung as a company, has a corporate structure that is built entirely around the founding family of the Lees. An arrest of a family member may throw the rest of the company into disarray. Samsung is an extremely old conglomerate of South Korea, that was founded in the year 1938 by Lee Byung Chul. Samsung is an important company of South Korea with influence on its media, culture, politics and economic development. Samsung’s revenue equals approximately 17% of South Korea’s Gross Domestic Product (GDP).