S.Korean prosecutors demand 12 yrs in prison for Samsung heir
The independent counsel has indicted Lee, the vice chairman of Samsung Electronics Co., in February on charges of providing or promising some 43.3 billion won (US$38 million) to Park's friend Choi Soon-sil.
In return, he secured government backing for the merger of two Samsung units in 2015, a vital step for cementing his control over South Korea's biggest conglomerate founded by his grandfather, according to the prosecution.
The 49-year-old heir to the sprawling business empire is also accused of embezzlement, hiding assets overseas, concealment of criminal proceeds and perjury.
Special Prosecutor Park Young-soo, who heads the investigation, told the court, "It is a typical corruption crime stemming from a back-scratching alliance between politics and business, which has indeed compromised our constitutional values."
"Over the course of the probe, it was difficult to cast away doubts that Samsung, the top firm that accounts for 18 percent of our GDP, exists only for its leader and his leadership transfer," he said.
Part of the bribery charges includes the sponsorship of the equestrian training of Choi's 21-year-old daughter, Chung Yoo-ra. The prosecution has claimed that, by doing so, Lee secured a crucial vote from the state-run National Pension Service, a major stakeholder in Samsung C&T Corp., in favor of merging with Cheil Industries Inc.The merger made Lee the largest shareholder in the combined entity, now just called Samsung C&T, which in turn owns a controlling stake in Samsung Electronics, the crown jewel of the conglomerate with assets worth 350 trillion won.
Lee's legal counsel repeated its claim that all evidence against its defendants is "circumstantial" and that there is no direct evidence to prove the funding was in exchange for business favors.
They stressed that there was no such shady master plan for Lee's succession, like the prosecution claims, since it was taken for granted that Lee would take over from his father.
In the final statement, Lee, in tears, pleaded his innocence by saying he never asked the ex-president for any special favors to benefit his own interest.
Read more .