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SAMSUNG CORRUPTION SCANDAL: The Chief and vice chairman of Samsung Electronics jailed for 2.5 years 

 

 

The de facto chief of South Korea’s Samsung business empire was jailed for two and a half years on Monday over a sprawling corruption scandal, Yonhap news agency reported, in a ruling that deprives the tech giant of its top decision-maker.

Lee Jae-yong, known professionally in the West as Jay Y. Lee, is a South Korean business magnate and the Chairman of Samsung. He is the eldest child and only son of Hong Ra-hee and Lee Kun-hee, Chairman of Samsung until his death in 2020, and is his father’s successor.

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Lee jae-yong

 

Lee Jae-yong, the vice-chairman of Samsung Electronics, the world’s biggest smartphone and memory chip maker, was found guilty of bribery and embezzlement and was immeiately taken into custody, Yonhap said.

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A South Korean court sentenced Samsung Electronics vice chairman Jay Y Lee to two and a half years in prison, the court said on Monday, which will have major ramifications for his leadership of the tech giant as well as Korea’s views toward big business.

With this, Lee will be sidelined from major decision making at Samsung Electronics as it strives to overtake competitors, and from overseeing the process of inheritance from his father, who died in October, crucial to keeping control of Samsung.

Lee, 52, was convicted of bribing an associate of former President Park Geun-hye and jailed for five years in 2017. He denied wrongdoing, the sentence was reduced and suspended on appeal, and he was released after serving a year.

The Supreme Court then sent the case back to the Seoul high court, which issued Monday’s ruling.

Under South Korean law, only a jail term of three years or fewer can be suspended. For longer sentences, the person must serve out the term barring a presidential pardon. With Lee returning to jail, the year he already served in detention is expected to count toward the sentence.

Monday’s sentencing can be appealed to the Supreme Court, but because the Supreme Court has already ruled on it once, chances are lower that is legal interpretation will change, legal experts said.

“In a case sent back by the Supreme Court, there is a narrower range of options for the judges’ bench… but it’s also true that the Supreme Court can’t really touch the final court’s sentencing,” said Rha Seung-chul, a lawyer not connected with the case.

 

Source: compiled

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