Business

Samsung chief Lee's journey from $4 million mansion to jail

19 Feb 2017 | By Vaneet Randhawa

Jay Y Lee who lived in a $4 million mansion in Seoul is now in "6.56 square meter (71 square foot) detention cell with a toilet in the corner behind a partition."

He is also being held in a single cell and eat simple 1,443 won ($1.26) meals.

He can have visitors for 30 minutes and talk to them through a glass cell.

In context: Samsung chief's overnight riches to rags story

17 Feb 2017Samsung chief arrested over corruption scandal

Samsung Group chief Jay Y Lee was detained early for his alleged part in a corruption scandal.

Lee became a suspect in the influence-peddling scandal which had made the parliament accuse and impeach President Park Geun-hye in December.

Prosecutors will have 10 days to indict Lee who has denied any wrongdoing. It was unclear if he would be asking for bail.

Another with a similar fate

Lee's fellow prisoner includes Choi Soon-sil, a supporter of President Park Geun-hye who was also involved in the scandal and who is blamed for bribing, along with country's former culture minister and previous presidential chief of staff.
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17 Feb 2017Charges against Lee

Lee is arrested for directing the conglomerate to provide financial help to Choi Soon-sil for the government's support of an alliance between 2 of Samsung's subsidiaries.

In addition to corruption, Lee has been accused of blocking justice and desecration of a law on the transfer of assets abroad.

The court had previously rejected Lee's arrest request citing a lack of evidence.

19 Feb 2017Samsung chief Lee's journey from $4 million mansion to jail

DetailsThe effect of this arrest on Samsung's financial health

Samsung Electronics, the stock that carries the most weight in the Seoul Stock Exchange, started with a visible decline, "hitting 0.60% and by 9:30 am, was down 0.47 per cent to stand at 1.892 million won ($1,653)".

South Korean specialists believe that because of the arrest of its de facto leader, Samsung will momentarily halt all of its operational restructuring and new investment plans.

28 Feb 2017Samsung's de-facto chief to be indicted in South Korea

Samsung's chief Lee Jae-yong will be indicted by South Korean prosecutors on charges of bribery, embezzlement and other charges.

These charges stem from a political scandal that led to President Park Geun-hye ouster.

Lee allegedly committed perjury, hid assets abroad and concealed money earned through criminal activities.

Lee was arrested on February 17. Prosecutors said he gave bribes worth $36 million to Park.

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25 Mar 2017South Korea impeachment scandal: Samsung Electronics Chief apologizes

At the company's annual meet in Seoul, Samsung Electronics chief executive Kwon Oh-hyun apologized for its involvement in a corruption scandal that led to Samsung Group chief Jay Y. Lee's arrest and the impeachment of the South Korean president.

Denying paying bribes in the form of donations, Samsung promised to improve corporate governance.

Samsung also announced it wouldn't transition to a holding company.