Samsung heir sentenced to 5 years in prison
- Economy
- Anadolu Agency
- Published Date: 12:00 | 25 August 2017
- Modified Date: 12:43 | 25 August 2017
Samsung Electronics heir Lee Jae-yong was sentenced to five years in prison Friday, as a Seoul court found him guilty of bribery, embezzlement, hiding assets overseas and perjury.
Billed by South Korean media as the "trial of the century", Lee's sentencing could also have a major influence on the outcome of charges brought against ex-President Park Geun-hye, who, among multiple other corruption allegations, is accused of forcing donations from conglomerate heads like Lee.
Seoul's Central District Court ruled Lee, 49, was involved in Samsung's payment of bribes worth 7.2 billion won ($6.38 million) to the family of a close confidante to the former president.
The apparent motivation was to secure government support for a 2015 merger of Samsung affiliates, although Lee has consistently denied the charges against him and is expected to appeal via a higher court according to local news agency Yonhap.
Five years in prison is the longest sentence handed to any leader of a South Korean chaebol, or family-run conglomerate -- although it falls short of the 12 years demanded by the prosecution, which brought forward charges of bribery amounting to over 43 billion won ($38.1 million).
Lee's own father, Samsung chairman Lee Kun-hee, was given a suspended sentence in 2009 for tax evasion. But Friday's ruling marked a shift in social attitudes under liberal President Moon Jae-in, who has vowed to spearhead chaebol reform.
The senior Lee has been hospitalized since a heart attack in 2014, leaving his son to lead Samsung from his position as vice chairman.
Billed by South Korean media as the "trial of the century", Lee's sentencing could also have a major influence on the outcome of charges brought against ex-President Park Geun-hye, who, among multiple other corruption allegations, is accused of forcing donations from conglomerate heads like Lee.
Seoul's Central District Court ruled Lee, 49, was involved in Samsung's payment of bribes worth 7.2 billion won ($6.38 million) to the family of a close confidante to the former president.
The apparent motivation was to secure government support for a 2015 merger of Samsung affiliates, although Lee has consistently denied the charges against him and is expected to appeal via a higher court according to local news agency Yonhap.
Five years in prison is the longest sentence handed to any leader of a South Korean chaebol, or family-run conglomerate -- although it falls short of the 12 years demanded by the prosecution, which brought forward charges of bribery amounting to over 43 billion won ($38.1 million).
Lee's own father, Samsung chairman Lee Kun-hee, was given a suspended sentence in 2009 for tax evasion. But Friday's ruling marked a shift in social attitudes under liberal President Moon Jae-in, who has vowed to spearhead chaebol reform.
The senior Lee has been hospitalized since a heart attack in 2014, leaving his son to lead Samsung from his position as vice chairman.
OTHER ECONOMY NEWS