Samsung Leader Five Year sentence for Bribery

Aug 26, 2017, 01:19
Samsung Leader Five Year sentence for Bribery

A court has sentenced Lee Jae-yong, the acting chairman of the Samsung company, to five years in prison after finding him guilty of offering bribes and other crimes. Lee was also convicted of embezzlement, illegal hiding of assets overseas, concealing criminal profits, and perjury at a National Assembly hearing.

"Samsung executives were steadily preparing for Lee's succession and paid large bribes to the president, who had the ultimate authority over Korea's economic policy, with an anticipation of her help for the management control succession scheme", Kim said. Samsung will appeal the ruling immediately, company lawyer Song Woo-cheol said.

During the trial, Samsung Electronics confirmed that they had offered to donate a sum of 43 Trillion Korean Won to organizations owned by the President's close friend, Choi Soon-sil.

Samsung did not deny donating money to the Choi-controlled foundations, but the four executives who were on trial alongside Lee said that they had been forced to donate money out of fear of what Park and Choi could do to their business.

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Lee is South Korea's third- richest man and direct heir to the global electronics maker Samsung.

March, 2017: Lee's trial begins on charges of bribery and embezzlement.

In passing sentence, the court is expected to express a view on whether there was a conspiracy between Park and Choi to fleece conglomerates in return for favors.

Prosecutors had demanded a 12-year sentence, but Lee was jailed for five years. However, since his father, Lee Kun-hee, suffered a heart attack, it's been generally assumed that Jae-yong had been calling the shots at Samsung.

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The company will have a prolonged absence of leadership following this conviction, a situation that could impact the electronic giant's future in the tough game.

The South Korea court's verdict in regards of Samsung heir Lee Jae-Yong is made - the 49-year-old found guilty in corruption actions, in which was involved the top officials.

Samsung shares had dropped 1.5 percent after the verdict was announced. Nearly 60 companies affiliated with Samsung account for a third of South Korea's stock market capitalization.

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