Samsung heir Lee Jae-yong – Jay in the West. Known as Lee – South Korean President Yoon Suk-yeol won a presidential pardon, allowing the grandson of Samsung’s founder to resume leadership of the powerful conglomerate. Bloomberg reports. The amnesty will be formalized on August 15.
Recalls that the President’s amnesty was granted to two Lee’s father, Lee Kun-heeConvicted for corruption and tax evasion in 1996 and 2008.
“Samsung Electronics Vice President Lee Jae-yong, whose suspended prison sentence recently ended, will be reinstated in an effort to tackle the economic crisis by revitalizing the economy,” the South Korean government said. Financial Times.
The pardon is the latest twist in the bribery scandal It starts from 2017, Lee was accused of bribing then-President Park Geun-hye. The Samsung heir was initially sentenced to five years in prison found guilty of corruptionBut he served less than a year of his sentence Acquitted on appeal. He continued He was jailed again in January 2021 Before is released Again It was August that year on parole. In total, he served a year and a half of his 30-month sentence.
The presidential pardon is important because it opens the door for Lee to retake the tech company founded by his grandfather, Lee Byung-chul. Under Korean law, convicted felons are barred from holding formal positions at companies such as Samsung for five years after conviction. Bloomberg Reportedly, Lee continues to receive reports from the company without an official title.
Samsung currently doesn’t have anyone as its president since Lee Kun-hee Died in October 2020. But Bloomberg As Chaebol grapples with inflation, instability caused by the war in Ukraine, supply chain issues created by China’s Covid lockdowns and the resulting complications, Lee notes that the pardon opens the door to turn around and make key strategic decisions. From the escalating US-China relations.
Lee’s formal return to the institution is seen as a potential source of stability, not to mention politically popular. as Associated Press Mentioned Last year, about five million people in South Korea owned shares in Samsung, which led to widespread support for Lee’s release from prison. But critics say the pardon covers a cozy relationship between Korea’s business and political elite. Financial Times Notes.
“Thank you for giving me a chance to start fresh. I am sorry for causing so many people anxiety,” Lee said in a statement. “I will try hard to give back to the community and grow together.” But the businessman’s legal troubles are far from over as he still faces separate stock manipulation charges in connection with the merger of two Samsung subsidiaries.