The heir to the Samsung empire and four other top executives from the world’s biggest smartphone maker were indicted on Tuesday on multiple charges including bribery and embezzlement, South Korean prosecutors said.
“Special prosecutors today indicted Samsung Electronics vice chairman Lee Jae-Yong… for bribery, embezzlement, hiding of assets overseas… and perjury,” said Lee Kyu-Chul, spokesman for the team probing the corruption and power abuse scandal that has seen President Park Geun-Hye impeached.
Lee was arrested earlier this month and the laying of formal charges against him and his colleagues makes them almost certain to face trial, casting new uncertainty over South Korea’s biggest firm as it seeks to recover from a humiliating recall.
The 48-year-old has effectively been at the helm of the conglomerate since his father suffered a heart attack in 2014.
Among other allegations, Lee is accused of paying nearly $40 million in bribes to a confidante of President Park’s to secure policy favours. Lee – who is also accused of concealing stolen assets – has denied all charges.
His colleagues face similar charges except for the perjury count.
The scandal centees on Choi Soon-Sil, who is accused of using her close ties with Park to force local firms to “donate” nearly $70 million to non-profit foundations, which Choi allegedly used for personal gain.
Samsung was the single biggest donor to the foundations. It is also accused of separately giving millions of euros to Choi to bankroll her daughter’s equestrian training in Germany.
Lee’s arrest marked the first for a Samsung chief and dealt a huge blow to the electronics giant’s corporate image.
Brand Envoy Africa wins Africa’s Most Innovative Marketing and Creative Agency Award
Brand Envoy Africa Limited wins “Africa’s Most Innovative Marketing and Creative Agency of the year 2019” at the African Brand Leadership Merit Awards.
After findings from the award technical committee research report showed that Brand Envoy Africa limited had creatively marketed brands they worked with providing amazing mileage and uptake for their clients products. The award was presented to Brand Envoy Africa on Friday, August 23, 2019, in Lagos. It was received by Mrs Anulika Jade Obike, Events Director at Brand Envoy Africa Limited, Mr Ogwo Emmanuel, Head Research and Strategy and Mr Obike Temple, Brand Envoy’s Managing Director. A special vote of thanks by the MD went to members of the Brand Envoy Africa team who were absent but played key roles in making this a reality Michael Egbo, Babatunde Afuwape, Onyedikachi Ikwumere and everyone else.
In response to the award, the Brand Envoy Team expressed their joy and said as “Brand Envoy Africa wins Award for “Africa’s Most Innovative Marketing and Creative Agency of the year 2019” , it was testament to the fact that the brands dedication to quality and providing it’s clients and their customers with quality service was not an effort in futility.
As a young growing marketing brand with an eye for quality work, Brand Envoy Africa is poised to become Africa’s top marketing agency. In a speech by the Managing Director Mr Obike Temple, he mentioned the humble beginnings of the brand and it’s evolution to a brand that now uses the power of Artificial Intelligence (A.I) and data in developing marketing solutions for clients. He also mentioned that
“The research and media team headed by Mr Ogwo Emmanuel and experiential events arm headed by Mrs Jade Obike were powerhouses to what they did as a company. Our passion to deliver on results is at the core of what we do”.
Mrs Jade Obike mentioned that Brand Envoy Africa was fast becoming a Creative Marketing Brand making an impact across Africa and the world at large.
The African Brand Leadership Merit Awards constitute an initiative of the African Brand Congress (ABC).
According to a statement by the Congress, the African Brand Congress is an annual fiesta of best brains behind most successful and sought after African brands.
“The Congress is designed to educate, engage and inspire Brand managers and professionals in the pursuit of best practice in brand building and value creation. It is an appropriate platform for all Brand owners and industry players to discuss how Brands in Africa can increase their Global competitiveness. It’s meant to share knowledge, ideas and challenges by industry icons”, the statement reads.
This award reaffirms Brand Envoy Africa’s dominance in Nigeria’s Marketing and Creative industry.
‘Develop viable gemstones, jewellery market’
Experts have urged the federal government to develop an environment conducive for marketing gemstones, and jewellery, to increase their contribution to the national gross domestic product, (GDP).
They also said this would mark a milestone in the quest to build a vibrant mining sector with a wide variety of gemstones and precious metal for making ornaments for local and international markets.
According to experts at Stakeholders Consultative workshop on gemstones and Jewelry industry in Nigeria, the industry presents tremendous opportunities for investment and value addition and can employ people at different levels along the value chain, such as miners, goldsmiths, dealers etc.
Prof. Theo Smeets of the University of Trier, Germany, said the government has a lot to do to boost both local and international markets for precious metal, especially with the growing population of women.
He also noted that legal frameworks will equally galvanise the industry, and instead of exporting raw materials, citizens will be able to process them in-country and get more products in the local market.
Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr Abdulkadir Muazu, disclosed that the industry could generate a total of $350 million worth of foreign exchange on an annual basis.
He also said Nigeria was so endowed with precious metal, “the key policy question we have asked ourselves is: ‘why has Nigeria not been internationally-recognised as an important gemstone destination?’”
According to him, Sri Lanka has a long history of gemstones, but it was its government’s commitment to reforms that began over three decades ago that has given her a globally-competitive edge.
“There is a huge international market potential for Nigeria’s gemstones, but it is losing vast business opportunities, value and revenue to illegal activities and smuggled to Germany, China, Brazil, U.S., etc.”
Contributing, Project Coordinator of MINDIVER, Utsu Linus Adie, said they are trying to reverse unfavourable market trend for gemstones, and create a robust jewellery market and promote export.
He equally said the government intends to develop a skilled workforce by creating community jewellery market in all the states of the federation within a five- year period.
“Our target is to emulate is India, who are today the global leaders in gems and jewellery, contributing 29 per cent to world jewellery consumption. We only generate $2 million worth of it.”
Reviewing gemstone resources, Niron Ajibade, maintained that there are many products, and when adequately harnessed will grow the nation’s economy; create jobs and wealth.
Ajibade therefore called on the government to build a sustainable jewellery industry by organising training programmes; create linkages, quality and assurance markets as well as finance the gemstone sector.
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