The companies admitted giving millions of dollars to funds linked to President Park Geun-hye, but denied seeking favors.
Samsung admitted to giving the daughter of Park Geun-hye’s friend an expensive horse.
Parliament is due to vote on December 9 on the president’s impeachment over her involvement in the scandal.
Massive protests have been held in recent weeks demanding the president’s resignation.
The executives are being questioned by a cross-party committee of lawmakers. The panel has no power to punish but its chairman has said the hearing is a place for apology.
One of the corporate bosses acknowledged that it was difficult for companies to say no to government requests.
“It’s a South Korean reality that if there is a government request, it is difficult for companies to decline,” said Huh Chang-soo, head of the GS Group and chairman of the Federation of Korean Industries lobby group.
The conglomerates all gave large donations to non-profit foundations operated by Choi Soon-sil, a close confidante of Park Geun-hye.
Choi Soon-sil has been charged with coercion and attempted fraud.
Lawmakers spent the most time grilling Samsung’s Lee Kun-hee. Samsung has been accused of giving donations in exchange for support of a controversial merger that effectively strengthened his position in the company.
Samsung gave a total of 20.4 billion won ($17.46 million) to the two foundations.
Like the other leaders, Lee Kun-hee denied the allegations, saying Samsung “never provided support or gave donations in return for something”.
However, he admitted that his company provided a one billion won ($855,000) horse to Choi Soon-sil’s daughter, a professional equestrian, and said he regretted it.
Lee Kun-hee apologized for Samsung’s involvement in the scandal and said his company would “take all responsibility” if there was any.
South Korea’s family-owned conglomerates, known as chaebols, have increasingly been perceived as a symbol of the out-of-touch elite, and have become a target of public fury in recent protests calling for Park Geun-hye’s resignation.
The president has apologized multiple times to the public for allowing Choi Soon-sil inappropriate access to government decisions but has stopped short of resigning.
Last week Parke Geun-hye said she would leave it to parliament to decide her fate, and on December 6 she was quoted by her party’s leader as saying she would accept the outcome of December 9 impeachment vote.
Image source: Wikimedia Commons President-elect Donald Trump celebrated his election victory at the Ultimate Fighting…
Millions of voters across the US chose to return Donald Trump to the White House…
Donald Trump declares victory in the US election as he addresses jubilant supporters in Florida.…
Stocks around the world are rising as Donald Trump appears to be on the cusp…
Donald Trump has won Pennsylvania, North Carolina and Georgia and taken a lead over Kamala…
Quincy Jones, the celebrated musician and producer who worked with Michael Jackson, Frank Sinatra, Ray…