Shares in Samsung's flagship company fall after the Samsung Group's leader was arrested (SSNLF)

AFP

Shares in Samsung Electronics fell by as much as 1.6% on Friday after Samsung Group's leader was arrested in relation to a corruption scandal, The Financial Times reports.

Samsung heir Jay Lee was arrested in Seoul on Friday morning for bribery, embezzlement, and perjury related to his alleged role in a corruption scandal that led to the impeachment of President Park Geun-hye. 

He is now in a 6.56 square meter (71 square foot) detention cell with a toilet in the corner behind a partition, according to Reuters.

Lee has denied any wrongdoing.

The tech mogul is divorced with two children, has a net worth of $6.2 billion (£5 billion), and ordinarily lives in a $4 million (£3.2 million) mansion in Seoul, South Korea.

The $297 billion (£237 billion) Samsung Group that Lee heads is the world's biggest manufacturer of smartphones, flat-screen televisions, and memory chips, and Lee is accustomed to rubbing elbows with Silicon Valley titans such as Facebook's Mark Zuckerberg and Apple's Tim Cook.

After an initial drop, the stock price slightly recovered, before closing on the Korean Stock Exchange here:

Investing.com

NOW WATCH: Here’s why flight attendants avoid drinking tap water on airplanes

See Also:

• This is the biggest hint yet that Apple’s next iPhone will have wireless charging

• Samsung’s latest Chromebook shows the future of Google’s laptops — but it has a long way to go

• Samsung’s next big Galaxy phone is all but certain to launch next month

SEE ALSO: Samsung's billionaire chief is now in a jail cell with a mattress on the floor and no shower