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Shares in Samsung’s flagship company fall after the Samsung Group’s leader was arrested

Jay Y. Lee
Jay Y. Lee

AFP

Samsung heir Jay Y. Lee.

Shares in Samsung Electronics fell by as much as 1.6% on Friday after Samsung Group’s leader was arrested in relation to a corruption scandal, The Financial Times reports.

Samsung heir Jay Lee was arrested in Seoul on Friday morning for bribery, embezzlement, and perjury related to his alleged role in a corruption scandal that led to the impeachment of President Park Geun-hye. 

He is now in a 6.56 square meter (71 square foot) detention cell with a toilet in the corner behind a partition, according to Reuters.

Lee has denied any wrongdoing.

The tech mogul is divorced with two children, has a net worth of $6.2 billion (£5 billion), and ordinarily lives in a $4 million (£3.2 million) mansion in Seoul, South Korea.

The $297 billion (£237 billion) Samsung Group that Lee heads is the world’s biggest manufacturer of smartphones, flat-screen televisions, and memory chips, and Lee is accustomed to rubbing elbows with Silicon Valley titans such as Facebook’s Mark Zuckerberg and Apple’s Tim Cook.

After an initial drop, the stock price slightly recovered, before closing on the Korean Stock Exchange here:

samsung1
samsung1

Investing.com

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The post Shares in Samsung’s flagship company fall after the Samsung Group’s leader was arrested appeared first on Business Insider.

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