New Samsung bribe allegations
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Samsung Group created a $215 million slush fund to bribe influential figures, a former company attorney said Monday, adding details to previous allegations of corruption at South Korea’s biggest conglomerate. Samsung immediately denied claims by Kim Yong-chul, who held the company’s top legal affairs position from 1997-2004
A former prosecutor himself, Kim told reporters Monday that Samsung used Samsung Corp. – its trading arm – to create the pool of money through intricate contracts with other group affiliates. He said family members of Samsung Group Chairman Lee Kun-hee used $65 million from the fund to buy expensive art work. Kim also disclosed the names of Samsung executives he says managed the slush fund with their bank accounts.
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