High powered boss of the technology giant Samsung has become the center of attention after allegations of bribery within the business. Requests were made by several prosecutors for the arrest of Jay Y Lee, the heir of Samsung Electronics.
Lee allegedly bribed the former President of South Korea Park Guen-hye to the tune of 43 billion won ($36 million) in a bid to secure support for a contentious merger. The result of this contributed to the impeachment of Guen-hye in February 2016
The billionaire vice chairman was held within a detention centre while the Seoul Central District Court considered the request based on the evidence found. A judge of the court stated that the request was denied, citing that there was not enough justification to arrest Lee.
The announcement came at 5 a.m. on Thursday, after which Lee was free to return home after waiting for more than 12 hours.
Some reports from South Korean business groups and newspapers have claimed that the arrest was blocked because of the negative effect his arrest could potentially have on the economy. Many consider Samsung to be integral to South Korea’s economy, and the toppling of a member of the country’s richest family could have had an adverse effect on the country as a whole.
This decision could hinder the prosecutors who want to probe him further on his alleged bribery and could also affect Samsungs stock and the value of the won.
