A rather uncomfortable Tuesday for South Korea's largest company executives as they face the parliament and, altogether, the public for questioning. This is all due to the South Korea corruption scandal wherein big names like Samsung, Hyundai, and Lotte is caught in meddling waters.
Samsung Electronics Vice Chairman Lee Jae-yong is in question for his involvement in financially supporting a close friend of President Park, Ms. Choi Soon-sil, to gain partisan influence over specific business deals including the merger between Samsung C&T and Cheil Industries.
In an account by BBC News, Samsung has admitted having given a horse to the daughter of Ms. Choi Soon-sil. Only to note that according to Lee Jae-yong this was supposedly only a gift without any prior motive of gaining influence or whatsoever.
A record by UPI, accounts that the Samsung executive's statement was in response to allegations from the ruling party lawmaker Lee Man-hee who said, "Samsung provided [$8.5 million] to the family of Choi [Soon-sil] so [her daughter] Chung Yoo-ra could purchase horses in Europe."
The issue has risen in the midst of another subject that involves Choi as a suspect of maneuvering the South Korean President Park Geun-hye's pronouncements either in or out of office. The prosecutors of Parliamentary have already associated Ms. Choi with the mishandling of funds that she was able to grab through accessing classified documents.
Samsung is also accused of donating large sums to the non-profit foundations handled by Ms. Choi which is believed to be in exchange for the support of a controversial merger. According to BBC News, Samsung has given a total of 20.4 billion won (£16 million; $17.46 million) to the two foundations.
Lee Jae-yong regrets the positions he made prior to the investigation. However, he countered that they were not ill-motivated. Mr. Lee acknowledges any responsibility for the company that will be deemed necessary.
Samsung executive Lee Jae-yong is expected to assume the position of his father, Lee Kun-hee, as chairman of Samsung after his father steps down.
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