Samsung's 'heir-apparent' jailed for bribery and corruption

Ashley Carr
August 26, 2017

Prosecutors said the donations were made to Ms Park's confidante to win government support for a big restructuring of Samsung that would strengthen Lee's control over Samsung Electronics. He was also found guilty of concealing assets overseas, perjury and embezzlement, though he denied all wrongdoing throughout his trial.

The prosecution team were succesful in presenting enough evidence to prove that Lee along other Samsung officials bribed the government for meeting their personal and official needs.

The 49-year-old has denied all wrongdoing, and his lawyer has said that they will appeal against the decision. The court sided with prosecutors who had accused Lee of paying bribes in anticipation of favours from then president Park Geun-hye, according to Reuters. After months of legal battles and courtroom drama, Samsung Vice Chairman and grandson of Samsung founder, Jay Y. Lee has been jailed for a term of five years as the allegations against him were proved. Lee guilty on all charges.

Impeached President Park, the real prize in this case, will now have all this lovely evidence rolled into his case, which is ongoing and likely to lead to more jail time.

Park makes her second televised apology, saying she would take responsibility if found guilty. Two other Samsung executives were found guilty in the same trial and sentenced to four years in prison. Lee's own father, Lee Kun-hee, was convicted of both bribery and tax evasion, but escaped prison time. Four other Samsung executives were implicated in the conspiracy.

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Samsung secretively provided a huge amount of money to Choi's German-based company that paid for the training and exorbitantly priced foreign horses worth 3.6 billion won (£2.5 million) were part of the bribes, the verdict said. The Samsung scandal contributed to the impeachment of President Park Geun-hye.

Samsung shares have risen by 30 percent so far in 2017.

It also presents new challenges for Samsung, a constellation of businesses so vast that it accounts for about one-fifth of South Korea's exports all by itself.

The chaebols, which are family-run conglomerates that wield huge economic power in South Korea, have always been viewed as responsible for the country escaping poverty in the wake of the Korean War.

Other reports by My Hot News

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