Top Managers of Eight South Korean Corporations Take Stand on Corruption Scandal

© REUTERS / Jung Yeon-Je/Pool(L-R) SK Group chairman Chey Tae-Won, Samsung Group's heir-apparent Lee Jae-yong and Lotte Group Chairman Shin Dong-Bin take an oath during a parliamentary probe into a scandal engulfing President Park Geun-Hye at the National Assembly in Seoul on December 6, 2016
(L-R) SK Group chairman Chey Tae-Won, Samsung Group's heir-apparent Lee Jae-yong and Lotte Group Chairman Shin Dong-Bin take an oath during a parliamentary probe into a scandal engulfing President Park Geun-Hye at the National Assembly in Seoul on December 6, 2016 - Sputnik International
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Senior executives of South Korea's eight largest corporations have appeared on Tuesday at hearings in parliament to give testimony on the corruption scandal, involving country’s President Park Geun-hye, local media reported.

MOSCOW (Sputnik) — The testimonies of the heads of Samsung, Hyundai Motor, Hanwha, Hanjin, SK, LG, Lotte and CJ corporations, allegedly diverting money into Park’s associate Choi Soon-sil funds, are broadcast live on state TV channels.

A large electronic board broadcasts a news report on South Korean President Park Geun-hye releasing a statement to the public as the Presidential Blue House (top L) is seen in the background, in central Seoul, South Korea, November 29, 2016. - Sputnik International
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One of the most important questions to answer is whether businessmen received support from country’s officials in exchange for donations to Choi’s funds.

Political scandal around the president broke out in late October when media reported that Park allowed Choi, her friend and "shadow adviser," who held no official post, to edit her speeches thus letting her influence the country's policy. Moreover, Choi was suspected of pressuring South Korean big corporations and extorting money from them for her noncommercial funds. A total of $70 million was transferred to the bank accounts of these funds.

​Choi was officially charged on November 20 and the prosecution said that the president was also involved in the scandal. As a result, thousands of people took to the streets demanding the president's resignation.

​On Friday, South Korean Parliament will vote on Park’s impeachment. A two-thirds majority in the 300-seat legislature is needed for the impeachment process to start.

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