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South Korea's Former President Park Charged in Corruption Probe
20 April 2017, 10:24 | Terri Saunders
South Korea prosecutors charge ousted president Park and Lotte chief with bribery
Seouol: Ousted South Korean President Park Geun-Hye was charged with bribery involving millions of dollars over the massive corruption and influence-peddling scandal that brought her down.
Along with Park, Lotte Group chairman Shin Dong-bin was also formally charged with bribery on Monday, although he was not detained, Reutersreported.
Park will reportedly remain in jail and will be escorted to Seoul, South Korea once the trial for the scandal begins.
She allegedly used her links to the president to force local firms to "donate" almost 66 million euros to organizations, and allegedly used the cash for personal gain.
But a more damning charge against Park and Choi was bribery.
Jay Y. Lee, the chief executive of the Samsung Group, is under arrest facing allegations of briging Park and her friend, Choi Soon-sil. He joins Lee Jae-yong, the heir to the Samsung business empire, who was indicted at the end of February.
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Choi allegedly used some of the donations for personal gain. The indictment submitted for Park by listed 18 charges, which were more or less the same as those listed with arrest warrant request for her on March 27.
Former President Park Geun-hye was indicted Monday for alleged crimes committed during her failed presidency, including accepting bribes from the country's largest conglomerates. It is unclear if the trial will start before a 9 May special election that will determine her successor.
Park was removed from office on March 10 as the Constitutional Court ruled unanimously to impeach her over a corruption scandal.
Lotte, South Korea's fifth-biggest conglomerate, is grappling with the Chinese shutdown of dozens of its stores in China, after it agreed to provide land for the United States Terminal High Altitude Area Defence (THAAD) system outside Seoul.
Park's friend Choi is also on trial for a series of charges, which her lawyers have denied.
Park and Choi allegedly conspired with one of Park's top presidential adviser to pressure 18 business groups, including Samsung, to donate 77.4 billion won ($69 million) for the launch of two non-profit foundations controlled by Choi. The results of those interrogations will likely be announced once prosecutors file charges against Park.
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Stocks with high EPS growth rates compared with year-ago levels suggest a company has products or services in strong demand. TRADEMARK VIOLATION NOTICE: This piece of content was published by The Cerbat Gem and is owned by of The Cerbat Gem.