Indictment of Samsung chairman, a political and economic "earthquake"
Seoul (AsiaNews) - An earthquake that risks involving large segments of national politics, and that could endanger the financial stability of one of Asia's most solid countries from the economic point of view. This is the commentary published today by Chosun Ilbo, one of South Korea's most influential newspapers, on the indictment ordered yesterday by the magistrature against the head of Samsung, Lee Kun-hee, and nine of the country's other directors.
These, according to the judges, concealed about 118 million euro from tax authorities. But the chairman, one of the richest men in South Korea, will have to give an account of other infractions, which are less serious from a criminal point of view, but capable of permanently damaging the company. According to the accusation, Lee incurred serious losses for the company by trying to foster his son's career, and illicitly financed some politicians. After the testimony of former company lawyer Kim Yong-chul, in fact, the prosecutors maintain that the chairman used 202 million dollars to finance members of the government and other influential institutional figures.
Samsung is the leading producer of cellular telephones and computer chips in Asia. The company accounts for 20% of the country's total exports. If he were found guilty, Lee could receive at least five years in prison, but many are convinced that the judges will not be strict. The incarceration of the head of one of the country's and largest businesses, in fact, could cause serious damage to the national image.
Financial scandals and criminal investigations have in recent years struck various areas of the Korean business world, which until a few years ago were considered untouchable. The powerful political-economic-financial groups are considered the real authors of South Korea's economic miracle. Until 40 years ago, the country had a per capita income comparable to the poorest states in Africa and Asia. Today it is in the second place on the continent, after Japan. In recent years, growth has reached record levels. In 2007, South Korea's GDP rose by 4.9%, and in 2007 by 7%.
There are many reasons for this success: low labour costs, moderate inflation, impressive technological development, and a trade balance and that is almost always positive. But above all, as has been pointed out, there are the tight relationships between the government and the large industrial and financial groups, which the indictment risks at dismantling forever.
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