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Monday, April 12, 2021

Samsung Vice-Chairman Sentenced To 2.5 Years In Prison

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Jay Y Lee, vice chairman of South Korean tech giant Samsung Group, was sentenced to prison in a bribery case. A South Korean court sentenced him to two and a half years in prison. This new growth may have an adverse effect on the company’s global operations and future plans.

In 2017, Lee, 52, was found guilty of bribing former President Park Geun-confidante hye’s in a corruption scandal that culminated in the impeachment and imprisonment of the country’s first female leader. Lee spent a year in prison before being released and suspended after his five-year term was shortened on appeal. The Supreme Court referred the case back to the Seoul High Court in 2019 for a retrial, which resulted in the sentence announced on Monday.

The Seoul High Court’s sentence on Monday can be appealed to the Supreme Court within seven days, but legal experts say there is little hope that the Supreme Court’s legal interpretation will adjust because it has already ruled on it once.

Lee was found guilty of bribery, embezzlement, and concealment of approximately 8.6 billion won ($7.8 million) in criminal proceeds by the Seoul High Court, which also reported that Samsung’s independent enforcement committee, which was formed early last year, has yet to be completely effective.

While the prosecutors asked for a nine-year prison sentence, the judge just gave Lee a two-and-a-half-year sentence, concluding that the retrial was only the latest step in a long-running legal process for Samsung that had been pending for years.

The Seoul court said: “Lee actively provided bribes and implicitly asked the president to use her power to help his smooth succession,” adding, “it is very unfortunate that Samsung, the country’s top company and proud global innovator, is repeatedly involved in crimes whenever there is a change in political power.”

Samsung’s compliance committee’s efficacy was also challenged by the Seoul High Court, which stated that it was not a factor in its decision-making process. Lee, dressed in a dark coat and silver tie, rose from his seat after the sentence was read. He stayed quiet when the judge gave him the opportunity. “During his final address to the court in December, Lee said that he wanted to “make a new Samsung”

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