Lee Jae-yong: Samsung heir released from prison on parole

Samsung heir Lee Jae-yong has been released from a South Korean prison and is now on parole.

He served 207 days in jail – just over half the sentence he received after being convicted of bribery and embezzlement in January.

The case involved the country’s former President Park Guen-hye, who is also in jail for bribery and corruption.

Samsung Electronics was founded by Lee’s grandfather and he has been the de facto head since 2014 .

Lee made a brief statement to reporters outside the prison.

“I’ve caused much concern for the people. I deeply apologise,” Lee said. “I am listening to the concerns, criticisms, worries and high expectations for me. I will work hard.”

The 53-year old was sent to prison for two-and-a-half years by a high court in January.

He was accused of paying 43bn won ($37.7m; £26.7m) to two non-profit foundations operated by Choi Soon-sil, a friend of Park’s, in exchange for political support – alleged to include backing for a controversial Samsung merger which paved the way for Lee to become eventual head of the conglomerate.

The deal needed support from the government-run national pension fund.

At the time of his verdict, the court said that Lee “actively provided bribes and implicitly asked the president to use her power to help his smooth succession” at the head of Samsung.

The court found Lee guilty of bribery, embezzlement and concealment of criminal proceeds worth about 8.6 billion won ($7.8m; £5.75m).

The Justice Ministry said it made the decision to release Lee after considering the effects of the pandemic on South Korea’s economy and global markets.

In a statement, President Moon Jae-in’s office said his release was made in the national interest and asked for understanding.

“We are well aware that there are supporting and opposing views on Vice-Chairman Jay Y Lee’s parole. The views of the people who are opposed are also right,” it said. BBC

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.