Samsung chairman Jay Y Lee jailed for five years in corruption scandal

Samsung chairman Jay Y Lee jailed for five years in corruption scandal”

The stunning downfall the billionaire chief of consumer electronics behemoth Samsung, Jay Y. Lee (Lee Jae-yong), is now complete with the handing down of a five-year-prison sentence by a South Korean court for bribery and other crimes on Friday.

He stood accused of offering millions of dollars to former president Park Geun-hye, who is now undergoing her own trial, and business partner Choi Soon-sil, in exchange for favourable businesss conditions.

Prosecutors had earlier demanded a 12-year jail term for Lee, who was also accused of embezzlement, hiding assets overseas, concealment of criminal proceeds and perjury.

One of his lawyers, Song Wu-cheol, said Lee would appeal the lower court ruling.

The 49 year-old heir was accused of offering bribes to four entities controlled by Choi Soon-sil worth $38m, denied all charges.

March, 2017: The special prosecutor says Park colluded with Choi to take bribes from the Samsung Group, paving the way for her to be prosecuted, if she is ousted from office.

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Lawyers for Lee have said they plan to appeal.

THE HEIR APPARENT to the not-inconsiderable Samsung fortune has been jailed for five years on bribery charges. Park allegedly gave Choi access to government documents for which she had no clearance. Apart from Lee, four other Samsung executives have been prosecuted for up to four years of imprisonment.

A South Korean court has found Samsung vice-chairman Lee Jae-yong guilty of corruption. His case is part of a corruption scandal that led to the impeachment of now-former South Korean president Park Geun-hye.

It also presents new challenges for Samsung, a constellation of businesses so vast that it accounts for about one-fifth of South Korea's exports all by itself. Former Samsung president Park Sang-jin and executive vice-president Hwang Sung-soo were both given suspended sentences.

The ruling leaves a leadership void at Samsung, whose shares fell by 1 percent within hours of the verdict, the BBC reported.

The chaebols, which are family-run conglomerates that wield huge economic power in South Korea, have always been viewed as responsible for the country escaping poverty in the wake of the Korean War.

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