July 5, 2022

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Samsung’s real boss Lee Jae-yong has been released on parole

“I have caused a great deal of inconvenience to the people. The 53-year-old vice president of Samsung Electronics was sentenced in January to two and a half years in prison for corruption,” he said outside his detention center in south Seoul.

Lee Jiang’s parole was announced Monday by South Korean Justice Minister, citing “national economic situation due to prolonged corona virus outbreak.”

Officially, Lee Jae-yong, the 202nd richest man in the world according to Forbes, is the vice president of Samsung Electronics, the world’s largest maker of smartphones and memory chips with $ 11.4 billion in assets.

But in reality, his father Lee Kun-hee, the architect of the group’s global tour, has taken the torch over the head of the crowd since he withdrew due to health issues. The father died in October.

Lee Jae-yong was charged in January with corruption after former South Korean President Park Geun-hye was ousted and later jailed.

Calls for his early release have grown in recent months from both politicians and business leaders concerned about the effects of the corona virus epidemic on the planet’s 12th largest South Korean economy.

This release is intended to allay concerns about Samsung’s decision-making process.

Samsung is the largest of the “industrial empires” in the country. Its total revenue represents one-fifth of South Korea’s GDP, so it is important for the country’s economic health.

South Korea, which celebrates Independence Day on August 15, has traditionally offered blessings at this time. The judiciary says 810 people will be granted parole this year.

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The decision in favor of Mr Lee was “taken on the basis of various factors, including public sentiment and its behavior in prison,” the justice minister told reporters on Monday.

According to a South Korean media report, Lee Jae-yong is a “model prisoner”, a rule change that came into force in August reduces the time prisoners need to qualify for parole.

However, his imprisonment did not affect the performance of the group, which announced a more than 70% increase in its net profit in the second quarter at the end of July. Infectious disease ..

Mr Lee, who is facing a new trial in the Troyer case that ousted and imprisoned former President Park Geun-hye in 2017, has been found guilty of corruption and fraud.

In this case, he was sentenced in 2017 to five years in prison for corruption, fraud and other offenses.

On appeal, most of the bribery charges were dismissed and Mr Lee received a suspended prison sentence. However, the Supreme Court ordered a new hearing.

The lawsuit was probably funded by the Choi Soo-sil group, the president’s shadow confidant. The alleged bribery facilitates the transfer of power to the coalition leader, while Lee Kun-hee was in bed after a heart attack in 2014.

The Supreme Court finally upheld former President Parker’s 20 years in prison last Thursday.

The scandal once again underscored the troubled connections between South Korean power and the large families that control the “slander”.

In the past, South Korean employers, convicted of corruption or tax evasion, have benefited from reduced sentences or presidential pardons, such as former employer Samsung Lee Kun-hee, who was twice convicted and later acknowledged his contribution to the national economy. “

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