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Samsung CEO sentenced to prison for corruption

The vice president of Samsung Electronics and the de facto head of Samsung Group Lee Jae Yong was sentenced to prison. Lee Jae Yong was charged with bribery. The term of imprisonment, according to the court, will be 2 years and 6 months.

This is reported by Reuters.

According to the prosecution, Lee Jae Yong was involved in giving a bribe of more than $6 million. He was also accused of offering $38 million to officials for permission to merge Samsung C&T and Cheil Industries on the terms he wanted;

The charges led to Lee Jae Yong being sentenced to five years in prison in 2017. However, as early as 2018, the court commuted the sentence to probation, and the Samsung executive went free;

In 2019, a retrial began. The new court decision stipulates that the year that Lee Jae-Yong has already spent in prison will be counted as time served. That is, in fact, the businessman will face a year and six months in prison.

Lee Jae Yong has been in charge of Samsung Electronics for the past few years in place of his father, Lee Gong Hee. Six years ago, Lee Gong-hee suffered a heart attack and passed away at the age of 78 in October 2020.

Interestingly, the Samsung corruption scandal was also linked to former South Korean President Park Geun-Hye. Her close friend Choi Soon-Sil used her friendship with the president to extort money from large corporations, particularly Samsung and Lotte. At the end of 2016 Park Geun-Hye was impeached, and in April she was indicted. The former president received 25 years in prison and a $17.8 million fine for disclosure of state secrets, extortion, abuse of power, and taking bribes.

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