More

    Samsung vice chairman denies bribery allegation

    Must Read

    Indian Patent granted to MSU for research on better formulation for treatment of Uterine Fibroids

    Dr. Hetal Thakkar and her PhD student, Arpita Ashokbhai Patel have been granted Indian Patent for their...

    Several trains of WR affected due to Kisan agitation and yard remodelling work at Kosi Kalan

    Due to ongoing Kisan agitation in Punjab, train movement has been affected and hence, few trains have...

    WR extends trips of six festival special trains till 3rd January 2020

    For the convenience of passengers and with a view to meet the travel demand, Western Railway has...

    Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday denied bribery allegations over last year’s controversial merger of two subsidiaries of the group which is South Korea’s largest family-run conglomerate.

    “The merger of two companies has nothing to do with the transfer (of management control) for me and any other,”  quoted Lee as telling lawmakers during a parliamentary hearing for the corruption scandal involving President Park Geun-hye and her longtime confidante.

    Lee and other chiefs of the country’s major conglomerates attended the hearing on allegations that they decided to donate tens of millions of US dollars to two non-profit foundations controlled by Choi Soon-sil who has been charged with abuse of power and extortion.
    download
    Samsung Group is suspected of making donations to the foundations and bribing Choi in return for support from the national pension fund in last year’s controversial merger of Samsung C&T and Cheil Industries to create a de-facto holding company of the group.

    Lee said Samsung’s donation was not made in a bid to receive any business favour or support, noting that Park just asked for the donation to flourish culture and develop sports during his meeting with her.

    In July last year, Park held an open meeting with major conglomerate heads and met separately one-by-one with some of the chiefs.

    Lee admitted that he had met privately with Park twice in July last year and in February this year.

    The merger was extremely crucial to Lee to inherit management control of the biggest family-run conglomerate from his father Chairman Lee Kun-hee who has been hospitalised for over two and a half years.

    Samsung’s founding family has been criticised for controlling overall group subsidiaries with a handful of equities through the complicated web of cross-shareholdings.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Several trains of WR affected due to Kisan agitation and yard remodelling work at Kosi Kalan

    Due to ongoing Kisan agitation in Punjab, train movement has been affected and hence, few trains have...

    Several trains of WR affected due to Kisan agitation and yard remodelling work at Kosi Kalan

    Due to ongoing Kisan agitation in Punjab, train movement has been affected and hence, few trains have been diverted & certain trains...

    WR extends trips of six festival special trains till 3rd January 2020

    For the convenience of passengers and with a view to meet the travel demand, Western Railway has decided to further extend the...

    Meeting organised by OSD to stop the spread of covid through balance of enforcement and awareness

    Officer on Special Duty and Education Secretary Dr. Vinod Rao held a consultation meeting with District Collector Shalini Agarwal, Municipal Commissioner P...

    28 November – Know your today’s horoscope

    Aries: Remain calm-tension free today. Any uninvited guest can come into your house today, but his/her luck can benefit you financially. Your...

    More Articles Like This

    - Advertisement -