Samsung's heir Lee Jae-yong sentenced to 5 years in prison for bribery and corruption
by Milen Yanachkov / Aug 25, 2017, 2:52 AM
Lee Jae-yong, vice chairman of Samsung and would-be heir of the tech empire, was earlier today found guilty of bribery and embezzlement, and was sentenced to 5 years in prison.
Lee was accused of wiring the equivalent of almost $40 million from Samsung subsidiaries to two foundations set up by a confidante of impeached president of South Korea Park Geun-hye.
Previous reports alleged that the money was paid out to win favor from the country's state pension fund, which supported a merger between two Samsung affiliates in 2015. This was reportedly done in a bid to secure regulatory approval for the merger of two Samsung affiliates in 2015, despite the majority of shareholders in the conglomerate being opposed to the $8 billion merger.
A lawyer for the 49-year old, de-facto heir of the Samsung empire said earlier today that they will appeal against the court's decision, expressing confidence that the ruling will be overturned.
Lee's conviction is a blow to the Korean tech empire, whose shares saw a 1 percent drop after the court's ruling.
Posts: 6794; Member since: Mar 29, 2012
Quite a surprising outcome. There still very strong anti-corruption law and enforcement in South Korea.
posted on Aug 25, 2017, 2:57 AM 8
Posts: 48; Member since: Mar 03, 2015
The impeachment of the former president was a turning point for Korea. The new president along with his cabinet is busy working on social reforms, bills for anti corruption, investigations for past bureaucratic wrongdoings etc. The new government is also backed by very high approval rating.
posted on Aug 25, 2017, 3:15 AM 0
Posts: 496; Member since: Aug 20, 2017
I find it kinda funny that certain individuals in the previous version of this comments section (prior to update) would only harangue about Lee Jae Yong because they put another powerful company (Microsoft, Apple, Google) on a moral pedestal. Morals have absolutely no leverage on a powerful corporation. The autism flows rich here.
posted on Aug 25, 2017, 8:36 PM 0
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