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Live on TV: Moment of reckoning for South Korean business elite

SEOUL (South Korea) — It’s a rare moment of public reckoning for South Korea’s most powerful business leaders, courtesy of the country’s biggest political scandal in years.

Mr Lee Jae-yong, a Vice Chairman of Samsung Electronics, arrives for hearing at the National Assembly in Seoul, South Korea, on Dec 6, 2016. Photo: AP

Mr Lee Jae-yong, a Vice Chairman of Samsung Electronics, arrives for hearing at the National Assembly in Seoul, South Korea, on Dec 6, 2016. Photo: AP

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SEOUL (South Korea) — It’s a rare moment of public reckoning for South Korea’s most powerful business leaders, courtesy of the country’s biggest political scandal in years.

Usually cloistered executives from Samsung, Hyundai Motor and six other companies faced grilling on Tuesday (Dec 6) as lawmakers looked into their links to prosecution claims that South Korean President Park Geun-hye allowed a corrupt confidante to pull government strings and extort companies.

It is unusual for tycoons like Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Chair Chung Mong-koo to face public questioning. Major TV channels broadcast the hearing live.

Ms Park’s scandal has increased doubts over deep ties between politicians and the country’s top family-controlled businesses, known as chaebol.

The Samsung heir will be questioned about why the company sponsored the family of Park’s confidante. AP

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