Samsung CEO Arrested: Lee Jae-Yong, the heir to the Samsung conglomerate, has been paroled from prison in South Korea. After being found guilty of bribery and embezzlement in January, he served 207 days in jail, slightly over half of the term he was given. Former President Park Guen-Hye, currently in prison for bribery and corruption, was implicated in the case.
Lee’s grandfather started the company that would become Samsung Electronics and has served as the company’s de facto leader since 2014. Lee addressed the media briefly outside of the jail. “Concern for my well-being has been raised among the populace due to my actions.
Please accept my sincere apologies, “Lee said it this way. “I am listening to all the critiques, fears, and incredibly high expectations directed at me. As for myself, I intend to put forth a solid effort.” In January, a high court sentenced the 53-year-old to two and a half years in prison.
Lee was accused of funding two foundations run by Choi Soon-Sil, a friend of Park’s, 43bn won ($37.7m; £26.7m) in exchange for political favors, which allegedly included support for a contentious Samsung merger that opened the way for Lee to become eventual chairman of the conglomerate.
Approval from the national pension fund was required for sale. At the time of his conviction, the court noted that Lee “actively provided bribes and tacitly encouraged the president to utilize her office to promote his smooth transition” at the helm of Samsung. The court found Lee guilty of bribery, embezzlement, and concealment of around 8.6 billion won ($7.8m; £5.75m) in illegal proceeds.
The Justice Ministry released Lee because it was concerned about the pandemic’s impact on the South Korean economy and international trading. The presidential office of President Moon Jae-in issued a statement explaining the reasoning behind his release, pleading for everyone to be patient.
“We are well aware that opinions on the parole of Vice-Chairman Jay Y. Lee vary widely. One cannot deny the validity of the opposing viewpoints, “stated it. Contrarily, “many individuals have urged for his parole in this difficult situation,” with the expectation that he will contribute to the nation’s semiconductor and vaccine industries.
It is unclear if Lee will be able to run the company unless he is granted an exception from the five-year business restrictions that are part of his parole conditions. Any international travel plans he has will also require permission. If found guilty, Lee may serve additional time in prison on fraud and stock manipulation charges.
The Justice Ministry of South Korea appears to have made this choice purely for financial reasons. Get the Samsung heir out of jail and help the country regain its Covid feet. However, there is a political price to pay. With his election as president, Moon Jae-in pledged to reduce the influence of corporations in government.
More than a thousand civic groups connected to these protests penned a letter pleading with the government not to pardon the so-called “Crown Prince of Samsung.” These groups’ efforts to impeach Park Geun-Hye took months of demonstrations by millions of people.
However, the US Chamber of Commerce and Samsung pressured the government to release Jay Y. Lee. U.S. corporations argued that his release was critical due to the ongoing computer chip shortage. Samsung is considering massive investments in American semiconductor plants.
It’s also important to remember that earlier this year; the law was altered so that incarcerated people could be eligible for parole after serving 60% of their sentence. That’s why Mr. Lee was able to get out of jail today. Not even a pardon has saved him at this point.
The present administration in South Korea is betting that voters will reward the ruling party for its economic decisions more than if it committed to its earlier promises as the country heads into a presidential election season. If you think this is interesting, please share it with your friends. For more updates and the latest news regarding celebrities, Visit Newswatchlist.com.