The vice-chairman and effective leader of the giant Korean consumer electronics group, Samsung has been arrested for alleged bribery, embezzlement, and perjury.

Lee Jae-Yong is accused of authorising alleged bribes of close to €33.8m.

Lee Jae-Yong / Lee Jin-man AP/Press Association Images

The 48 year-old is suspected of playing a part in the influence-peddling scandal which led to the impeachment of President Park Geun-hye in December of last year.

Her powers are currently suspended and if the decision is upheld by the country's Constitutional Court she will be the first elected leader to be forced from office in South Korea.

The Samsung heir is the third generation of his family to lead the firm.

"We will do our best to ensure that the truth is revealed in future court proceedings," the company said in a statement after his arrest. This development is not expected to have an impact on Samsung's day-to-day operations.

Previous accusations against Lee have been rejected but new charges have been levelled against the executive.

"Given the newly presented criminal charges and the additional evidence collected, the legal grounds and need for arresting him are recognised," a South Korean judge said, according to The New York Times.

Lee Jae-Yong is the son of Samsung chairman Kun-Hee Lee and due to take full control of the company.