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Samsung heir handed 5-year jail term for corruption

26 August, 2017, 01:17 | Author: Paula Vaughn
  • Lee Jae-yong vice chairman of Samsung Electronics arrives for his trial at a courthouse in Seoul earlier this month

Samsung heir Lee Jae-Yong was sentenced to five years in prison on Friday for bribery, perjury and other crimes.

Samsung chairman Jay Y Lee has been sentenced to five years in jail for his part in a bribery and cronyism scandal that rocked South Korea.

Lee, who denied the charges, said the payments were signed off without his knowledge. He is expected to appeal.

The court sided with the prosecution for accusing Lee and other Samsung executives of handing over a total of 43.3 billion won ($38.4 billion) in return for "implied" favoritism and exercise of state authority to assist the scion's hereditary succession. According to The New York Times, though, that's long enough to be considered a heavy penalty for a country that's used to doling out light sentences to major business figures. He also laid some of the blame on Park, saying the former president made "aggressive demands" of Samsung. The list of bribes included $3.2 million sent to a front company owned by the confidant, Choi Soon-sil, as well as thoroughbred horses of a similar worth that the company gave to Ms. Choi's daughter.

The lawyers of Lee insisted that the payments were signed off without his knowledge and they would appeal against the court's decision - under South Korean law, sentences of more than three years can not be suspended.

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Maduro and his allies, the official said, have "demonstrated clear intent to rely on repression and corruption to maintain power". The goal of these general licenses is to limit harm passed on to the Venezuelan and American people, the White House said.

Lee is the vice-chairman of the company but is the de facto head of the Samsung conglomerate. "They also embezzled money from Samsung Electronics, illegally transferred assets overseas and concealed criminal profits". The Samsung scandal contributed to the impeachment of President Park Geun-hye.

It marks the downfall for the scion of South Korea's richest family, which controls one of the world's largest consumer electronics companies.

Well, you can say now that Lee Jae-Yong's penalty could leave the giant firm rudderless for years and hamper its ability to make key investment decisions.

Although Samsung is a massive component of South Korea's economy, and has traditionally been seen as a very prestigious employer, the NY Times suggests that its future is under threat. His father was prosecuted for the same charges of bribery and tax evasions, who later received a presidential pardon.

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