South Korea's President Park Geun-hye colluded with her friend Choi Soon-sil to receive bribes from Samsung Group, which was aimed to cement Samsung Chief Jay Y. Lee's control of the company, a special prosecutor said in a statement on Monday.
In a statement detailing the findings of its investigation, the special prosecutor's office said the National Pension Service voted in favor of a merger of two Samsung Group affiliates in 2015, despite anticipating a 138.8 billion won ($119.87 million) loss.
The investigation looked into an influence-peddling scandal involving Park, who was impeached by parliament in December after accusations she had colluded with her long-time friend Choi to pressure big businesses to donate to two foundations set up to back the president's policy initiatives.
Samsung Group on Monday reiterated its claim that it did not pay bribes or seek illicit favors in response to the special prosecutor's announcement.
"Future court proceedings will reveal the truth," Samsung said in a statement
—CNBC contributed to this report.