Samsung Korean Headquarters Raided  (Source: Getty Images)
Korea's corporate darling comes under close scrutiny after legal insider details illegal bribe schemes

Samsung is one of the largest conglomerates on the planet with revenues of $2.36 billion over the last fiscal quarter. Even with such massive revenue streams that represents a 6.6% decline from the same period last year.

Korean officials raided Samsung's headquarters on Tuesday as a result of a probe into the alleged slush fund worth approximately $200 million.  Reports previously alleged Samsung uses the fund to bribe officials and influential figures.

DailyTech reported in November that Kim Yong-cheol, a former top Samsung legal executive, claimed Samsung used this massive slush fund inappropriately under his observation.

This raid followed yesterday's raids by special prosecutors of Samsung Chairman Lee Kun-hee at seven other locations. Samsung spokesperson Yim Jun-seok confirmed for CNN the raid had taken place, but would not provide any other details.

Special prosecutors seized documents and other materials pertaining to the alleged slush fund. 

This isn’t the first time Samsung has faced serious legal troubles. In February 2007 the United States fined Samsung $90 million USD for DRAM price fixing.

"I'm an Internet expert too. It's all right to wire the industrial zone only, but there are many problems if other regions of the North are wired." -- North Korean Supreme Commander Kim Jong-il
Related Articles

Copyright 2017 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki