- Samsung heir Lee Jae-yong has been granted a presidential pardon.
- Lee was found guilty of bribery and embezzlement in 2017.
- He paid $8 million in bribes to President Park Geun-Hye, who served from 2013 to 2017.
Lee Jae-yong, the heir to Samsung who was found guilty of bribery and embezzlement in 2017, has been granted a presidential pardon.
Lee was twice imprisoned for bribing a former president, making him one of South Korea’s most powerful white collar criminals.
The government of South Korea justified the move by stating that the de-facto leader of the country’s largest company was required to return to the helm in order to lead economic recovery efforts following the pandemic.
Since massive protests overtook Seoul and ousted a president six years ago, a battle has raged over the country’s administration.
Lee’s crimes were directly associated with the corruption scandal that resulted in the imprisonment of former president Park Geun-Hye, who served from 2013 to 2017.
The “Crown Prince of Samsung,” as he was dubbed by protesters, paid $8 million (£6.6 million) in bribes to President Park and her associate in order to secure support for a merger opposed by shareholders that would strengthen his control of his family’s multinational empire.
Millions of South Koreans demanded the end of Park’s government and the collusion between politics and business at candlelit demonstrations held every weekend during the winter of 2016-2017.
In 2017, Park was imprisoned for 25 years after the Korean parliament impeached her.
Lee, also known as Jay Y Lee in the West, was imprisoned a year later for crimes including embezzling company funds to purchase a $800,000 horse for the daughter of a friend of the president.
Moon Jae-in, the new president, was sworn in with the mandate to clean up the mess. However, he made little progress. During his final days in office, he pardoned his predecessor.
Now, eight months later, under a different president, the same clemency has been granted to Samsung’s CEO.
It is a disheartening blow to those who have been fighting corruption.
“It is a setback. And it means Korea retreats to the time before the candlelit demonstrations,” Sangin Park, a professor of economics and industrial policy at Seoul National University, remarked.
Lee’s case reaffirms the prevalent notion that business leaders are untouchable and above the law.
In Korea, gigantic conglomerates dominate the economy, with the top 10 accounting for approximately 80% of GDP. These empires, known as chaebols, are family-run and offer a variety of services. The list includes LG, Hyundai, Lotte, and SK.
Samsung, however, is the largest and most powerful of all competitors.
[embedpost slug=”/samsung-galaxy-note-20-ultra-price-in-pakistan-specs/”]
