Samsung group chief, Jay Y. Lee indicted on bribery charges

In what stands to be a major hit to the world's greatest smartphone maker, South Korean prosecutors have said Samsung Group boss, Jay Y. Lee and four other officials will be accused of bribery and misappropriation. 

Lee was arrested on Friday, February 17, 2017, over his alleged part in the corruption scandal involving impeached President Park Geun-hye of South Korea.

In an announcement released by Lee Kyu-chul, a representative for the unique prosecutor, he stated:

'The five executives will face charges including bribery, embezzlement and hiding assets overseas.'

'Lee will also be charged with committing perjury before parliament.

'The executives to be charged are Samsung Group vice chairman Choi Gee-sung, president Chang Choong-ki and Samsung Electronics president Park Sang-jin and executive vice president Hwang Sung-soo,' the spokesman said.

The prosecutor's office will make an official announcement regarding the conclusion of its investigation on Monday, March 6, 2017