Lee Jae-yong: Samsung Heir Sentenced to Five Years in Jail for Corruption

Image source Reuters

Samsung’s heir-apparent Lee Jae-yong has been sentenced to five years in prison for corruption.

He was accused of bribery in a scandal that also saw the impeachment of South Korea’s former president, Park Geun-hye.

The case has gripped the public amid growing anger against South Korea’s biggest companies, known as chaebols.

Lee Jae-yong, who denied all charges, had faced a jail sentence of up to 12 years.

The 49-year-old, also known as Jay Y. Lee, the de facto head of Samsung, the world’s largest smartphone maker, had been detained since February on a string of corruption charges.

These included including bribery, embezzlement and hiding assets overseas.

Image source Reuters

Lee Jae-yong Goes on Trial for Bribery

Lee Jae-yong Goes on Trial over Embezzlement and Perjury Charges

Samsung VP Lee Jae-yong Arrested on Bribery Charges

Lee Jae-yong was accused of giving donations worth 41 billion won ($36 million) to non-profit foundations operated by Choi Soon-sil, a friend of South Korea’s former President Park Geun-hye, in return for political favors.

Prosecutors said the donations were made to Park Geun-hye’s confidante to win government support for a big restructuring of Samsung that would strengthen Lee Jae-yong’s control over Samsung Electronics.

A lawyer for Lee Jae-yonghas said already said they will appeal against the decision.

“We are confident the ruling will be overturned,” lawyer Song Wu-cheol told reporters after the ruling, according to Reuters.

Nevertheless this ruling represents a huge blow to South Korea’s biggest and most well-known business empire. Since the verdict, Samsung shares fell by 1%.

Lee Jae-yong’s conviction raises questions about his leadership of the conglomerate. He has been standing in as chairman since his father, Lee Kun-hee, suffered a heart attack in 2014.

The Samsung scandal contributed to President Park Geun-hye’s eventual impeachment. Park Geun-hye’s friend, Choi Soon-sil, has already been jailed for three years for corruption.

Diane A. Wade

Diane is a perfectionist. She enjoys searching the internet for the hottest events from around the world and writing an article about it. The details matter to her, so she makes sure the information is easy to read and understand. She likes traveling and history, especially ancient history. Being a very sociable person she has a blast having barbeque with family and friends.