We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 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


IDG UK Sites

Amazon's Fire Phone reduced to £99: The best smartphone deal you'll find all day

IDG UK Sites

8 reasons you should start a blog

IDG UK Sites

Floating hard drive offers safe storage for daredevil filmmakers

IDG UK Sites

Apple Q1 2015 financial results: $74.6 billion revenue, record iPhone sales of 74.5 million