Samsung Electronics Busted in Political Corruption Probe

Published On:November 8, 2016, 3:20 pm

On Tuesday, several offices of Samsung Electronics were raided by prosecutors from South Korea, which was a part of an investigation in apolitical scandal which involved President Park Geun-hye and her friend who was allegedly having an unfitting influence in state affairs.

A prosecution lawyer stated that the search is pertaining to the scandal which involves the president’s friend, Choi Soon-sil. Yonhap, a South Korean News Agency testified that the prosecutors are investigating whether Samsung unlawfully rendered financial assistance to Choi’s daughter.

The prosecutors commented that Samsung Electronics staggering from a $5.4 billion profit took a stern hit when it was compelled to cease its Galaxy Note 7 smartphone which had several incidences of catching fire.

Presidential state of Park has been on the rocking edge due to the scandal which involves Choi, who has allegedly taken advantage of the friendliness to the president to invade in the state affairs and further employ influence in the sports and cultural communities.

On one hand Choi has been accused of misusing the power and committing fraud, and on the other hand a former advisor has been booked with abuse of power and extortion after they managed to raise 77.4 billion won ($68 million) from several of the country’s biggest multinationals on behalf of two foundations.

Yonhap stated, Prosecutors have been all this while looking into an accusation that Samsung rendered 2.8 million euros ($3.1 million) to a particular company which was co-owned by her daughter and Choi, and her daughter being an active member of the South Korean national equestrian team.

Samsung Electronics’ president for corporate relations, Mr. Park Sang-jin is as of now the one leading the Korean Equestrian Federation. Yonhap mentioned that his own office was a part of the prosecutor’s raid on Tuesday. The prosecutors have already interrogated a particular Samsung Executive as a major part of the investigation.

The offices of the Korea Equestrian Federation and the Korea Horse Affairs Association were also raided on Tuesday according to Yonhap. Although, the Korea Equestrian Federation denied any comments on Yonhap’s report.

Park is expected to visit parliament and meet the speaker to talk about on how to solve this political crisis. Further, Park might also meet the leaders of the opposition parties.

After being asked to withdraw her nominee for prime minister, Park publically apologized twice for the scandal. None of the South Korean president has ever failed to complete their 5 year term, however Park has been pressurized from the public and political opponents to terminate the tenure. Park’s presidential term is due to end in 2018 start and the main opponent parties have not yet raised the idea of starting the prosecution proceedings.

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