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The heir to Samsung Electronics, the grandson of the company’s founder, has been pardoned by South Korean President Yoon Seok-yeol. Jay Y. Lee shocked South Korea when he was arrested and convicted in 2017. Among other things, he was accused of bribing then-President Park Geun-hye, who was impeached and convicted on corruption charges at the time. When he tried to take the top job at Samsung, Lee paid the former president $36 million to gain government support. Other bribes issued by Lee included a 1 billion won ($760,000) horse purchased for the daughter of the former presidential chief of staff.
Key man in scandal jailed. Li was sentenced to five years in prison, of which he served 18 months, followed by a suspended sentence. Park Geun-hye was sentenced to 24 years, which was later extended to 25 years. Samsung’s CEO also resigned over the incident, calling it an “unprecedented crisis.” Between his father, Lee Kun-hee, was hospitalized and convicted in 2014, Lee had been running Samsung. Elder Li passed away in 2020. Despite the pardon, Lee’s legal battle isn’t Exceed. The Samsung heir is currently participating in weekly hearings in a case related to the merger of Samsung subsidiaries.
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In pardon After that, it seems likely that Lee will be re-appointed to Samsung’s board of directors. “In order to overcome the economic crisis by revitalizing the economy, Samsung Electronics Vice Chairman Lee Jae-yong will resume his suspended sentence,” the South Korean government said in a statement. According to Bloomberg, many South Koreans see Lee’s return as stabilizing the country’s faltering an economical way. Like many countries, Asian democracies are suffering from a combination of the coronavirus pandemic, supply shortages caused by the war in Ukraine, a global semiconductor shortage hurting the tech and auto industries, and the highest inflation in decades. News of the amnesty has boosted Samsung shares 1.3 percent.
The amnesty will take effect on August 15, the Korean Independence Day. Lee Myung-bak issued a statement apologizing to the Korean people, saying that he “will work harder to give back to the society and grow together.” As a condition of his probation, he was previously barred from working. As a result, Lee was unable to hold a formal position on the board, and his relationship with Samsung was limited to receiving reports from company officials. Despite bleak earnings forecasts, Samsung unveiled several upcoming devices at its annual Galaxy Unpacked event. The new tech range includes upgraded Galaxy Buds Pro headphones, several folding phones and some new Galaxy smartwatches.
