Samsung heir testifies in corruption trial

|About: Samsung Electronics Co., Ltd. (SSNLF)|By:, SA News Editor

The de facto head of the Samsung conglomerate defended himself in court today for the first time since his February arrest over a political scandal that has gripped South Korea.

Lee Jae-yong, vice chairman of Samsung Electronics (OTC:SSNLF), had been on the sidelines during court hearings since the first one in April, facing multiple charges, including bribery.

The case centers on some $37M that Samsung arranged to pay to entities allegedly controlled by Choi Soon-sil, a friend of impeached President Park Geun-hye.

"About 95% of my responsibilities are with Samsung Electronics and its affiliated companies," he said, adding that he wasn't generally briefed on the conglomerate's sports-related donations.

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