Samsung Vice Chairman Jay Lee is out of jail after his bribery sentence is suspended

Jay Y. Lee, co-vice chairman of Samsung Electronics Co., center, arrives at the Seoul Central District Court in Seoul, South Korea, on Thursday, Feb. 16, 2017. South Korean prosecutors are again seeking to arrest Lee, citing new allegations of bribery and dealing another blow to a business empire mired in a nationwide corruption scandal. Photographer: SeongJoon Cho/Bloomberg via Getty Images

Samsung vice chairman and the company’s heir apparent Jay Y. Lee has left prison after a South Korean high court suspended his bribery sentence.

Lee, whose father is Samsung’s chairman, was previously sentenced to five years after being found guilty of bribery, embezzlement, capital flight and perjury charges. His sentence was reduced to 2.5 years today on appeal, and he was allowed to leave on a four-year probation, according to Bloomberg.

Lee was first arrested last February and he had served close to one year in custody. His absence hasn’t impacted Samsung’s business, which has posted a series of record financial returns over the past year. That included an all-time-high $69 billion in revenue for its chipset division in 2017, which toppled Intel for the first time in 25 years as the planet’s biggest-selling chip firm.

The executive was arrested on accusations of paying bribes to an advisor of former President Park Geun-hye in exchange for political favors aimed at cementing his position within Samsung Electronics.

According to the New York Times, he is said to have given a total of $36 million to Park’s secret advisor in order to win government support for a merger between two Samsung subsidiaries. Park, Korea’s first female leader, was impeached and removed from office due to the influence of her aides.

 

 

Culled from: TechCrunch.

About The Author

Yetunde Onanuga is the Business and Advert Manager for Maverick Multimedia, publisher of Acada Magazine where she doubles as the Beauty and Lifestyle columnist. She’s also the creative Director of Beautyful Beauty Ventures; a Make-Up/MakeOver and Fashion and Style outfit, having make up for the likes of Iyanya, Tayo Shobola, Olamide, Olaide Bakare, Brain and Denrele Edun amongst others.

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