SEOUL: Samsung Group leader Jay Y. Lee will go on trial for bribery and embezzlement on Thursday, a court said, amid a corruption scandal that has rocked South Korea and led to the impeachment of the president.
Lee, the 48-year-old third-generation leader of the country’s top conglomerate, was indicted on Tuesday on charges including pledging 43 billion won ($37.24 million) in payments to a confidant of President Park Geun-hye.
“We are preparing hard, thinking that the upcoming Samsung trial ... could be the trial of the century that the entire world will be watching,” special prosecutor Park Young-soo told reporters.
The Samsung scion’s hearing will be held in a court that can accommodate more than 150 people, according to the Seoul Central District Court’s court database.
Lee, who was arrested on Feb. 17, was charged with bribery and embezzlement. Samsung Group declined to comment but has denied wrongdoing.
Among the charges against Lee are pledging bribes to a company and organizations tied to Park’s confidant, Choi Soon-sil, the woman at the center of the scandal, to cement his control of the smartphones-to-biopharmaceuticals business empire.
The funding also included Samsung’s sponsorship of the equestrian career of Choi’s daughter, prosecutors say.
Legislation appointing the special prosecutor states that the trial should be finished in three months.
President Park, 65, daughter of a former military strongman, has had her powers suspended since her impeachment by Parliament in December.
Should the Constitutional Court uphold the impeachment, she would become the country’s first democratically elected president to be thrown out of office. A decision is expected this month.
Samsung chief’s ‘trial of the century’ to start next week
Samsung chief’s ‘trial of the century’ to start next week
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
