Prosecutors to Indict Samsung Heir on Graft Charges

South Korea’s special prosecutor plans to indict Samsung's Jay Y. Lee on bribery charges along with four other executives, dealing a blow to the country’s largest conglomerate as it prepares for a generational handover, according to Bloomberg.

Formal charges would mean Lee stands trial over accusations of involvement in bribes for government favors. The Samsung Electronics vice chairman is accused of directing tens of millions of dollars to entities controlled by a confidante of President Park Geun-hye, in return for government support of a 2015 merger that cemented his control of the group.

The charges against Lee include bribery, embezzlement and hiding assets overseas, South Korean special prosecutor’s spokesman Lee Kyu-chul told reporters. Lee and Samsung have denied wrong-doing. The planned indictment comes less than two weeks after a South Korean court approved an arrest warrant requested by the prosecutor.

Although a typical trial and verdict could take up to 18 months, the special-prosecutor law recommends resolving the case much sooner. After any indictment, Lee can seek bail and the court must make its first ruling within three months.