Prosecutors raid Samsung HQ

Investigators probe claims of massive slush fund set up to bribe public officials.

    The raids have drawn huge media interest in the affairs of South Korea's biggest firm [EPA]

    An investigation by independent prosecutors was approved by the South Korean parliament last November and has up to 105 days to carry out its probe.

     

    Samsung has denied the allegations and issued a detailed rebuttal of the lawyer's claims.

     

    The company is South Korea's biggest conglomerate and the world's largest maker of computer memory chips and LCD display screens.

     

    Samsung's assets have been valued at $280.8 billion while last year its exports were worth $66.3 billion, more than 20 per cent of South Korea's total.

     

    Chu Woosik, Samsung's vice president, said the raids took place while he was holding an investor relations session at the group's headquarters on the company's latest financial results.

     

    "It may be too much to say we are hit hard by this but it is true this affects us in a no-good way," he said.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Revival: The Muslim Response to the Crusades

    Revival: The Muslim Response to the Crusades

    This part of 'The Crusades: An Arab Perspective' explores the birth of the Muslim revival in the face of the Crusades.

    Going undercover as a sex worker

    Going undercover as a sex worker

    A photojournalist describes how she posed as a prostitute to follow the trade in human flesh.

    Africa is not poor, we are stealing its wealth

    Africa is not poor, we are stealing its wealth

    It's time to change the way we talk and think about Africa.