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Samsung CEO surrenders to India court over $1.2 million unpaid debt

updated 10:41 am EDT, Wed April 2, 2014

India court alleges CEO personally responsible for supplier debt

An arrest warrant has been issued against Samsung Electronics CEO Lee Kun-hee in India. The executive must appear before a court in Ghaziabad within six weeks' time to answer charges alleged from a supplier. The executive has surrendered before the court, to answer the charges of willfully not paying the promissory note worth more than $1.4 million dollars for more than a decade.

Lee has addressed the court, is seeking bail, and is attempting to obtain an exemption for having to appear in the court to address the charges before that time, or the arrest order will be executed. In its denial of the CEO's appeal, and its order to appear before the court, the two-judge panel declared that "we make it clear that we have not expressed any opinion in regard to the merit of the case."

by MacNN Staff



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