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February 29, 2008
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| The heir to the Samsung Group appeared at the independent counsel’s office yesterday for a day-long session related to an ongoing investigation into slush funds and corporate irregularities at the nation’s largest conglomerate. Jay Y. Lee, 40, an executive with Samsung Electronics and the only son of Samsung Chairman Lee Kun-hee, arrived at Independent Counsel Cho Joon-woong’s office in Hannam-dong, Seoul, with his attorney at 9:10 a.m. He was there until late in the evening. “I know there are a lot of concerns about me and Samsung,” Lee told reporters before being questioned. “I will answer the questions fully and honestly.” It is the first time that the independent prosecutor’s probe has summoned a member of the Lee family for questioning. Prosecutors said Lee would be questioned on the transfer of ownership of Samsung from his father to himself. “We will question him in general about allegations related to four petitions filed about the ownership transfer,” said Yun Jung-sok, an assistant prosecutor. Civic groups have claimed that Samsung affiliates provided inappropriate funding to an Internet business affiliate, eSamsung, whose majority shareholder was Jay Y. Lee. The younger Lee has also been accused of taking over ownership of the conglomerate by purchasing bonds issued by Samsung affiliates at prices lower than the market value. A Seoul appeals court last year upheld a ruling that found two Samsung officials guilty of selling bonds convertible to shares to Chairman Lee’s children, including Jay Y. Lee, at a steep discount. The ruling has been appealed to the Supreme Court. One of the allegations against Lee relates to whether the affiliates were ordered to absorb losses during the ownership transfer and if senior management had colluded in the deal, thus harming shareholders. By Kim Seung-hyun JoongAng Ilbo/ Ser Myo-ja Staff Reporter [myoja@joongang.co.kr] |
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