Sunday, April 14, 2024

Samsung heir on parole

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Samsung heir Lee Jae-yong has been released from a South Korean prison and is now on parole.

He served 207 days in jail – just over half the sentence he received after being convicted of bribery and embezzlement in January.

The case involved the country’s former President Park Guen-hye, who is also in jail for bribery and corruption.

Samsung Electronics was founded by Lee’s grandfather and he has been the de facto head since 2014.

Lee made a brief statement to reporters outside the prison.

“I’ve caused much concern for the people. I deeply apologise,” Lee said. “I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard.”

The 53-year old was sent to prison for two-and-a-half years by a high court in January.

He was accused of paying 43bn won ($37.7m; £26.7m) to two non-profit foundations operated by Choi Soon-sil, a friend of Park’s, in exchange for political support – alleged to include backing for a controversial Samsung merger which paved the way for Lee to become eventual head of the conglomerate.

The deal needed support from the government-run national pension fund.

At the time of his verdict, the court said that Lee “actively provided bribes and implicitly asked the president to use her power to help his smooth succession” at the head of Samsung.

The court found Lee guilty of bribery, embezzlement and concealment of criminal proceeds worth about 8.6 billion won ($7.8m; £5.75m).

The Justice Ministry said it made the decision to release Lee after considering the effects of the pandemic on South Korea’s economy and global markets.

However, Lee’s parole conditions include five years of business restrictions – it is unclear if he will be able to run the company unless he gets an exemption.

He will also need approval for any trips abroad.

Lee is also under investigation for fraud and stock manipulation and if found guilty could be jailed again. (BBC)

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