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Samsung heir Lee Jae-yong jailed for corruption

A court in South Korea has sentenced Samsung’s billionaire heir-apparent Lee Jae-yong to five years in prison for corruption.

Mr Lee was accused of bribery in a scandal that also saw the impeachment of South Korea’s former president.

The case has gripped the public amid growing anger against South Korea’s biggest companies, known as chaebols.

Mr Lee, who denied all charges, had faced a jail sentence of up to 12 years.

Also known as Jay Y Lee, the de facto head of the world’s largest smartphone maker had been detained since February on a string of corruption charges.

He was accused of giving donations worth 41bn won ($36m; £29m) to non-profit foundations operated by Choi Soon-sil, a friend of South Korea’s former President Park Geun-hye, in return for political favours.

These included including bribery, embezzlement and hiding assets overseas.

A lawyer for Mr Lee has said already said they will appeal against the decision.

“We are confident the ruling will be overturned,” lawyer Song Wu-cheol told reporters after the ruling, according to Reuters.

Nevertheless this ruling represents a huge blow to South Korea’ biggest and most well-known business empire. Since the verdict, Samsung shares fell by 1%.

 

Source: BBC

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