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The head of Samsung was arrested for corruption in South Korea

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The richest man in Seoul, South Korea and a head honcho at Samsung was arrested Friday.

Lee Jae-yong, 48, the vice chairman of Samsung Electronics allegedly gave bribes worth $36 million to President Park Geun-hye and her close friend to help win government support.

This included helping to encourage a smooth company transition as two Samsung companies merged.

Here is Lee getting arrested.

So, what are the affects of his arrest on Samsung?

There is little impact on the phone and television business. Some fear the worst saying it could hurt business and the market, but that's according to conservative commentators via an AP report.

Chiefs of companies such as Hyundai Motor Group and SK Group have been jailed before but still ran their companies from behind bars.


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In this Wednesday, Jan. 18, 2017, photo, Lee Jae-yong, center, a vice chairman of Samsung Electronics Co. arrives for the hearing at the Seoul Central District Court in Seoul, South Korea. Many South Koreans were shocked at the sight of Lee being dragged into custody and then released when a court declined to formally arrest him. Its quite difficult for outsiders to fully grasp how Samsung is inextricably woven into the psychological fabric of this small, proud country. (AP Photo/Lee Jin-man)

Lee's net worth is estimated at $6 billion.


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