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Samsung raided by South Korean watchdogs

by on08 November 2016

Cash offer to President’s close friend questioned

South Korean coppers raided Samsung offices in Seoul after allegations that the company offered money to the daughter of Choi Soon-sil, who is a close friend of company President Park Geun-hye.

Raids were conducted on Samsung’s external affairs offices in southern Seoul. Documents related to the company's business with the Korea Equestrian Federation were confiscated during the raid, Yonhap news agency reported.

Choi's daughter was a member of the national team and the allegations are that Samsung provided €2.8m to a German that is owned by Choi to fund her daughter's equestrian team.

Reports claimed that the federation granted undue favours to Choi's daughter, Chung Yoo-ra.

Nine places were raided – the Korea Equestrian Federation, the Korea Racing Authority and the residence of a Samsung official, the home of Park Sang-jin, chief of external affairs at Samsung and president of the Equestrian Federation.

The raid was conducted just five days after prosecutors interrogated an executive director at the group over suspicion that Choi collaborated with a former presidential secretary to push local companies to donate billions to two non-profit organisations.

The allegations suggest the money was illegally channelled to Choi, who is suspected of amassing profits thanks to her close ties with the president. It looks like some years it is not a good idea to get out of bed, Samsung is probably thinking it should have taken this year off.

Last modified on 08 November 2016
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