Samsung’s de facto leader Lee Jae-yong will be indicted on Tuesday for bribery, embezzlement and perjury in connection with South Korea’s sprawling corruption scandal, casting a long shadow over the country’s largest conglomerate.
The indictment of the 48-year-old vice-chairman of Samsung Electronics came as the technology-to-finance group is set to announce some reform measures including the dismantlement of the Future Strategy Office, which has been deemed as the group’s control tower.
Mr Lee was one of more than 10 people indicted on Tuesday for their involvement in the political scandal, which is poised to topple President Park Geun-hye, as the special prosecutor’s team wrapped up its three-month long investigation into the influence-peddling scandal.
Along with Mr Lee, four other Samsung executives including Choi Ji-sung, the head of the Future Strategy Office, and Park Sang Jin, president of Samsung Electronics, who allegedly arranged Samsung’s financial support for Ms Park’s “shaman adviser,” were indicted for similar charges.
In many other countries, excluding the United States, corrupt bankers are often brought to task by their respective governments. The most recent example of a corrupt banker being held accountable comes out of Spain, in which the former head of the International Monetary Fund (IMF), Rodrigo Rato was sentenced to four years and six months behind bars.
According to the AFP, Spain’s National Court, which deals with corruption and financial crime cases, said he had been found guilty of embezzlement when he headed up Caja Madrid and Bankia, at a time when both groups were having difficulties.
Rato, who is tied to a slew of other allegations was convicted and sentenced for misusing €12m between 2003 and 2012 — sometimes splashing out at the height of Spain’s economic crisis, according to the AFP.
Handcuffed and tied with white rope, the scion of one of the world’s biggest conglomerates, Samsung Group, was taken on Saturday for questioning by South Korean authorities after spending a night in a small detention cell.
Samsung Group chief Jay Y. Lee was arrested on Friday for his alleged role in a corruption scandal that has led to the impeachment of President Park Geun-hye.
The 48-year-old Lee, who has a net worth of $6.2 billion, heads the technology giant that is the world’s biggest manufacturer of smartphones, flat-screen televisions and memory chips.
Lee arrived at the special prosecutor’s office at about 2:20 pm (0520 GMT) clean-shaven and expressionless. He was wearing a dark suit, white shirt and no tie as he was escorted by officials from a justice ministry van.
The special prosecutor’s office accuses Lee of bribing a close friend of the president to gain government favours related to leadership succession at the conglomerate. It said on Friday it will indict him on charges including bribery, embezzlement, hiding assets overseas and perjury.
Certainly, new polling data from Reuters/Ipsos would seem to support that thesis. A new poll of 1,192 Americans, conducted by Reuters, found that if Hillary wins only 50% of republicans would accept her presidency as legitimate while 70% would attribute her victory to voter fraud and/or vote rigging of some type. Moreover, only 20% of republicans surveyed felt that the final vote tallies would be accurate.
Only half of Republicans would accept Clinton, the Democratic nominee, as their president. And if she wins, nearly 70 percent said it would be because of illegal voting or vote rigging, according to a Reuters/Ipsos poll released on Friday.
Conversely, seven out of 10 Democrats said they would accept a Trump victory and less than 50 percent would attribute it to illegal voting or vote rigging, the poll showed.
For example, nearly eight out of 10 Republicans are concerned about the accuracy of the final vote count. And though generally they believe they will be able to cast their ballot, only six out of 10 are confident their vote will be counted accurately.
Obviously, this data is fairly alarming, to say the least, but not terribly surprising in light of the staggering, systemic corruption recently exposed through WikiLeaks and the ongoing Congressional review of the FBI’s investigation into Hillary’s private email server…not mention DNC operatives openly talking about committing massive election fraud on undercover Project Veritas videos and working behind the scenes to incite violence at Republican rallies. For those of you who still haven’t seen the videos, they’re worth a look.
The following video takes a look behind the scenes of the DNC’s efforts to incite violence at Trump rallies:
India has been ranked at 76th position in public sector corruption out of 168 countries in the Transparency International Corruption Perceptions Index 2015, improving its slot from 85 in 2014 and 94 in 2013.
Although corruption is still rife globally, many countries improved their scores in the 2015 edition of the corruption index, a Trasparency International statement said on Wednesday.
Overall, two-thirds of the 168 countries on the 2015 index scored below 50 points on a scale from 0 (perceived to be highly corrupt) to 100 (perceived to be very clean).
Despite an improvement in the overall ranking, India’s corruption perception score remains the same as last year at 38/100, which is seen as insufficient improvement. Brazil, Burkina Faso, Thailand, Tunisia and Zambia are the other countries that shares the same ranking as India.China fared worse than India and Brazil at rank 83 with a score of 37.
On the other hand, Pakistan is the only country among the SAARC countries, to have improved its score this year, though its rank remains poor at 117
Every year, roughly $1 trillion flows illegally out of developing and emerging economies due to crime, corruption, and tax evasion. This amount is more than these countries receive in foreign direct investment and foreign aid combined.
This week, a new report was released that highlights the latest data available on this “hot” money. Assembled by Global Financial Integrity, a research and advisory organization based in Washington, DC, the report details illicit financial flows of money from developing countries using the latest information available, which is up until the end of 2013.
Late President A P J Abdul Kalam was a tad cautious about ‘Make in India’ campaign saying though it’s “quite ambitious”, it has to be ensured that India does not become the low-cost, low-value assembly line of the world. On Digital India, he felt it has the potential to activate the knowledge connectivity needed in villages and remote areas and “we need to bridge the gaps of lower level of literacy, language and customised content, though”. These views are expressed in the soon-to-be published “Advantage India: From Challenge to Opportunity”, one of the last books written by Kalam along with his aide Srijan Pal Singh.
The book, published by HarperCollins India, also has his unfinished speech of July 27 at IIM-Shillong where he collapsed only to breathe his last hours later. The NDA government launched ‘Make in India’ in September last year. The programme aims at promoting India as an important investment destination and a global hub for manufacturing, design and innovation. “Well, let us be clear on this. ‘Make in India’ is quite ambitious. But we need such high aspirations… I agree with the infrastructure concern. “India has seen an unbalanced infra growth -variations are rampant across states and sectors. For instance, while the telecom and Internet sectors have made remarkable progress, many villages still are not connected with roads and power. Physical infrastructure cannot be ignored for manufacturing growth,” he wrote.
The former treasurer of President Dilma Rousseff’s ruling Workers’ party, João Vaccari Neto, has been sentenced to 15 years and four months in jail for corruption and money laundering.
In a blow to the left-leaning Ms Rousseff, who is facing calls for impeachment, Mr Vaccari was accused of channelling money from alleged corruption at state-owned oil company Petrobras to the Workers party, or PT, in the form of corporate donations.
“The money laundering involved a considerable amount of $4.26m,” Sérgio Moro, the judge leading the court proceedings in the long-running Petrobras investigation, said in his ruling which was available on the court website. “Worse than the money laundering is the impact it had on the democratic political process, contaminating it with criminal resources, that I think is especially reprehensible.”
Mr Vaccari is the most senior political figure to be convicted in the damaging scandal, in which former politicians mostly from the ruling coalition are accused of colluding with one-time Petrobras managers and contractors to extract what the company estimated was R$6bn in bribes and kickbacks.
The troubles at Petrobras have put the brakes on investment in Brazil’s oil sector, deepening a recession in Latin America’s largest economy even as it reels from the end of the commodities supercycle.
A few major power, infrastructure, metals & mining companies are planning to consciously hold back capital expenditure to “create an economic slowdown”, according to a report by Ambit Capital Research released on Wednesday. Quoting sources close to Prime Minister Narendra Modi, the report said the move has been prompted by their disappointment over the PM’s crackdown on crony capitalists.
The Ambit report also launched a spirited defence of the PM and talked about its “growing conviction that the PM is prioritising a clean-up of the system over pursuit of near-term GDP growth”. The report repeatedly quotes “sources close to the PM” as saying that Modi has got multi-decadal ambitions and will not be panicked into generating short-term results which could compromise his longer-term goals.
Claiming that the findings are a result of the research team’s repeated visits to Delhi and other state capitals, Ambit made other startling allegations against a section of Indian companies, without naming any. “The forthcoming Black Money Bill seems likely to result in an exodus of Indian businessmen seeking residentship abroad. We have already heard about promoters of several prominent small-midcap companies who have taken tax residentship abroad in the past few weeks. Also, a significant proportion of white collar professionals working in India for MNCs are contemplating leaving the country,” the report said.
The sheer lack of clean and capable civil servants, public sector chiefs and contractors means that public sector and government capex growth will disappoint in FY16, the report said. “Our sources in Delhi say that the government has realised that if it hastily kicks-off major capex projects without cleaning up the ecosystem of corrupt officials and bent contractors then it will simply perpetuate the rot that had set in over the past 10 years”,” Ambit said..
The Shanghai government has introduced rules to restrain the families of senior city officials from running private businesses, in a pilot measure that will eventually go nationwide in China’s sweeping campaign against corruption.
The rules are among the most direct attempts to short-circuit the cycle of graft in China since President Xi Jinping launched an anti-corruption drive after coming to power more than two years ago.
Xi gave his blessing to the new rules in March during the annual session of parliament, “requiring that Shanghai run the pilot and lead from the front,” state media reported late on Monday.
The rules cover officials at the level of deputy bureau director and above in government, the ruling Communist Party, the judiciary, the local parliament as well as state-owned enterprises, the city government announced on its website.
“You can’t have your cake and eat it too,” an article on the website quoted Han Zheng, party chief of the city of more than 24 million, as saying. “If you choose to be an official, you can’t go into business and strike it rich.”