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80,258 News Articles

Samsung cancels Steve Jobs following raid

Allegations of corruption at Korean giant

Samsung financial offices in Korea have been raided by 40 government investigators, part of a wider probe that's convinced chief customer officer Lee Jae-yong to cancel a planned January meeting with Apple CEO Steve Jobs.

The raid follows allegations from a former top Samsung legal executive, Kim Yong-cheo, who this month said the conglomerate routinely bribed public officials to avoid investigations of its operations and kept a 200 billion won slush fund.

South Korean prosecutors have banned 14 Samsung executives from leaving the country after the country's president Roh Moo-hyun passed a National Assembly bill to launch an independent investigation of the company. That investigation begins on 6 January.

While Samsung denies the accusations, South Korean investigators haven't ruled out further raids.

A high-ranking Samsung official said: "We had high expectations for the meeting with Steve Jobs because Samsung has just begun selling printers, a key driver for the group's future, via Apple outlets in the US."

The legal troubles will also complicate the company's business

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