The heir and leader de facto of the Samsung group benefited on Friday August 12 from a presidential pardon. This is the latest example of a South Korean tradition of leniency against big bosses convicted of corruption and other financial crimes.
Billionaire Lee Jae-yong, convicted of corruption and embezzlement in January 2021, will be “ reinstated ” for “ help overcome South Korea’s economic crisis said Justice Minister Han Dong-hoon.
He is the 278th richest person in the world according to Forbes and was conditionally released August 2021, after serving 18 months in prison, just over half of his original sentence. Friday’s pardon will allow him to return to work fully, lifting the ban on employment that was imposed on him by the court for a period of five years after his prison sentence.
“ Due to the global economic crisis, the dynamism and vitality of the national economy has deteriorated, and there are fears that the economic slump will continue the Justice Department said in a statement. The ministry hopes the businessman will be able to “ drive the country’s engine of growth by actively investing in technology and creating jobs “.
Three other businessmen pardoned
Lee Jae-yong was granted the pardon along with three other businessmen, including Lotte Group chairman Shin Dong-bin, who received a two-and-a-half-year suspended prison sentence in a corruption case in 2018. He is the vice president of Samsung Electronics, the world’s largest smartphone maker. The conglomerate’s overall revenue is equivalent to one-fifth of South Korea’s gross domestic product.
He was jailed for offenses related to a massive corruption scandal that brought down the former president Park Geun-hye. He had also been found guilty of illegal use of propofol, a powerful anesthetic. It is not uncommon for major South Korean tycoons to be accused of corruption, embezzlement, tax evasion or other illegal economic activity.
(with AFP)
►Also read: South Korea: Samsung announces more than 355 billion dollars in investments