SEOUL Tech huge Samsung Electronics Co Ltd claimed on Friday it will bolster controls for financial aid manufactured to third-functions, soon after its vice chairman was arrested in a graft scandal that could topple South Korea’s president.
Samsung claimed it would now call for financial payments of one billion won ($882,460) or a lot more to be permitted by the board of directors and publicly disclosed. Formerly, only payments of 680 billion won or a lot more to third functions were being topic to board approval.
Jay Y. Lee, third-technology chief of Samsung Group [SAGR.UL] and Samsung Electronics’ vice president, was arrested previously this month soon after being named a suspect in a probe into an impact-peddling scandal that led South Korea’s parliament to impeach President Park Geun-hye in December.
(Reporting by Se Young Lee Enhancing by Stephen Coates)