Samsung heir jailed for bribery and embezzlement

Lee Jae-yong vice chairman of Samsung Electronics arrives for his trial at a courthouse in Seoul earlier this month

The Seoul Central District Court on Friday awarded five years imprisonment to Samsung successor Lee Jae-Yong for bribery, perjury and other crimes, worldwide media reported. Lee and four other Samsung executives paid $6.4 million in bribes and other inducements to ensure that the country's disgraced former president, Park Geun-hye, supported a complicated corporate deal that strengthened Mr.

The 49-year-old Lee, who is the heir to one of the world's largest companies, was also found guilty of perjury, embezzlement, and of hiding assets outside of South Korea following a six-month trial.

Although the prosecution asked for a 12 year jail term for Lee Jae Yong alias Jay Y Lee, he was spared the long sentence which is considered the longest given to any South Korean Chaebol (South Koren form of business conglomerate) leader.

One of Lee's lawyers said he would appeal the ruling and that he was confident his client's innocence would be affirmed by a higher court. He was known to have been colluding with former President Park Gye-Heun and her friend Choi Soon-sil in paying favors to able to successfully secure his leadership position in Samsung.

They said Lee was aware that Park, president at the time, wanted Samsung to sponsor the equestrian training.

The verdict on Wednesday makes it likely that Park, who was arrested in March and charged on 18 counts, including accepting bribes, may also be found guilty. The elder Lee has taken a step back from the company since suffering a heart attack in 2014, with his son expected to take control.

The ruling in Lee's case can be appealed against twice. Other Samsung executives also received prison sentences in the same case. 'If Lee receives a heavy sentence, ' Seoul National University professor of economics Park Sangin told the paper, 'it can be seen as the shattering of the "too-big-to-jail" trend of the past.

The convictions are the second major hit to Samsung's reputation after the disaster of the exploding Galaxy Note 7. The same investigation that led to the impeachment of former-president Park Geun-hye.

Samsung shares had dropped 1.5 percent after the verdict was announced.

Related:

Comments

Latest news

Terrorists attack Shiite mosque in Kabul; 2 killed
Access to the second floor, where the women pray, was blocked by attackers. "There was another girl who was shot in the head". Danish said police rescued more than 100 worshippers who were caught in the fight between security forces and the attackers.

Mysterious Babylonian tablet discovered by real Indiana Jones has finally been deciphered
His "table of chords" on a circle is considered to be the oldest trigonometric table, but the Plimpton 322 tablet has knocked it off the top spot.

Amazon to cut prices on Whole Foods staples like eggs, beef
If you're an Amazon Prime member, you will have another way to use your membership and take advantage of lower Whole Foods prices. And as a benefit to those who spent $99 on a Amazon Prime account, Whole Foods Market will be incorporated into the program.

White House: Efforts to have Mexico pay for wall not 'abandoned'
Sanders also made a pitch to certain Democrats. "There are a lot a shared goals". White House press secretary Sarah Huckabee Sanders slammed Republican Sen.

Other news