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Samsung heir found guilty of corruption, sentenced to 5 years in jail

Samsung heir found guilty of corruption, sentenced to 5 years in jail

Lee Jae-yong had been charged of giving large donations to foundations run by a close friend for political favours

Samsung heir Lee Jae-yong has been jailed by Seoul Central District Court for a massive corruption scandal.

Lee Jae-yong was convicted of bribery in a scandal that also saw the impeachment of South Korea’s former president.

According to the court in South Korea vice Chairman of Samsung Electronics billionaire heir-apparent Lee Jae-yong has sentenced for five years in prison for corruption.

A bribery and cronyism scandal that has already toppled a South Korean president has claimed a major business scalp after a court sentenced Lee Jae-yong, the acting vice chairman of Samsung Electronics, to five years in prison for crimes including offering bribes and perjury.

The billionaire Lee, South Korea’s third-richest man and heir to the sprawling Samsung Empire had been accused of making large donations worth 41bn won ($36m; £29m) to foundations run by a close friend and confidante of the deposed South Korean president, Park Geun-hye, in return for political favours.

The court said Lee provided bribes anticipating support from Park, who was still president at the time, according to South Korea’s Yonhap news agency.

“This case stemmed from Lee Jae Yong, who was preparing for a leadership transfer, and Samsung executives offered bribes to the president, expecting a favour in the group’s leadership transition,” said the presiding judge of Seoul Central District Court, Lee Jin Dong.

Lee showed no reaction as the court found him guilty of bribery, embezzlement, hiding assets overseas, concealing profit from criminal acts and perjury.

Lee’s lawyers said they would appeal. “As a lawyer I cannot possibly agree with the juridical decisions and acknowledged facts involved in the verdict,” the Samsung attorney Song Woo-cheo said outside the court.

“We will appeal against the decision and I am sure that in the appellate trial all the charges will be dismissed.”

About Sayyar Gul

Sayyar Gul is doing his MS Computational Sciences & Engineering from National University of Science and Technology. He is technology enthusiast with keen interest in new technological developments from around the world.
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