Samsung stocks plunge after arrest of heir over corruption scandal

Jay Y Lee, samsung, lee

Latest News – South Korean tech giant Samsung Electronics’ stock price plunged on Friday after it was announced that its vice president and heir to the business conglomerate was arrested over his alleged role in a corruption scandal.

Samsung Electronics, one of the stocks that holds the greatest weight in the Seoul Stock Exchange, opened with a sharp decline, hitting 0.60 per cent, and by 9.30 a.m., was down 0.47 per cent to stand at 1.892 million won ($1,653), Efe news reported.
Earlier in the day, Seoul Central District Court authorised Lee Jae-yong’s arrest after “new charges and evidence” were presented.

Following the order, the 48-year-old tycoon was immediately arrested and (Read More)

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