Home » News » Samsung’s Heir Jay Y. Lee is Back to Prison

Samsung’s Heir Jay Y. Lee is Back to Prison

Samsung's Heir Jay Y. Lee is Back to Prison

Samsung Electronics vice chairman Jay Y. Lee is back in prison after a retrial of his 2017 certainty in a bribery case which helped result in the downfall of former South Korean president Park Guen-hye.  Lee was initially convicted of bribery in 2017 and sentenced to five decades, but was published in 2018 following the sentence was suspended and reduced on appeal.  Lee was expected to become chairman of Samsung following the passing of his dad, Lee Kun-hee, in October 2020.  

He’s functioned as the chaebol’s de facto leader because his dad suffered a stroke in 2014.  Together with Lee’s sentencing today, it’s uncertain who will take over his duties in Samsung.Charges against Lee included bribing Park to acquire support for bargains that could have aided Lee inherit control of Samsung out of his dad.  

The prohibited payments played a significant part in the corruption scandal that resulted in Park’s impeachment, detainment and 25-year prison sentence.The bribery case is distinct from the other one Lee is included in, over alleged accounting fraud and stock manipulation.  Hearings in that event began in October.

Prosecutors allege the value of electronic equipment materials supplier Cheil Industries was artificially inflated prior to its merger with Samsung’s holding company five years ago to produce a more positive rate for Lee, who was subsequently Cheil’s biggest shareholder.Lee is also one of 11 former and current Samsung executives whined by South Korean prosecutors last month over charges which they inflated the resources of Samsung BioLogics, where Cheil held a significant stake.

Throughout the hearing now, Lee’s lawyer said that the accounting and merger procedure were part of regular management actions, reported Channel News Asia.If found guilty, Lee could face a prison sentence.  Lee has spent time in prison, after he had been charged with bribing former President Park Geun-hye to procure support for its merger.  Park has been impeached in 2017 and sentenced to some 25-year prison sentence for bribery, misuse of power and embezzlement.

Image source: Engadget

Leave a Comment

Your email address will not be published. Required fields are marked *