Business

Samsung heir gets minimum mandatory sentence for bribery

Samsung heir gets minimum mandatory sentence for bribery”

Lee Jae-yong, Vice Chairman of Samsung Electronics, was found guilty of offering bribes to South Korea's former president, Park Geun-hye. The court said Lee was involved in 7.2 billion won ($6.38 million) worth of bribes given to former-president Park's friend and confidante, Choi Soon-sil, according to the publication.

The billionaire and acting chairman of the world's largest smartphone manufacturer, who is also South Korea's third richest man, has been detained since February facing a string of charges including bribery, embezzlement and hiding assets overseas.

The prosecution team were succesful in presenting enough evidence to prove that Lee along other Samsung officials bribed the government for meeting their personal and official needs. Samsung will appeal the ruling immediately, company lawyer Song Woo-cheol said.

In return, Lee would receive political favours.

Samsung, founded in 1938 by Lee's grandfather, is a household name in South Korea and a symbol of the country's dramatic rise from poverty following the 1950-53 Korean War. He was found guilty of bribery, embezzlement & perjury, reports the NY Times.

Lee's father, Lee Kun-hee, was also convicted of tax evasion and bribery on two occasions, but never spent any time in prison.

Lee had denied all the charges, and the sentence is well short of the 12 years sought by prosecutors. The Samsung scandal contributed to the impeachment of President Park Geun-hye.

Park makes her second televised apology, saying she would take responsibility if found guilty. Former Samsung Corporate Strategy Office chief Choi Gee-sung and former President Chang Choong-ki each received four years in prison and two other executives received suspended prison terms.

Of course now that the heir to the Samsung empire has been convicted the question on everybody's lips is what will happen to the firm.

In response to the verdict, Samsung's shares fell by 1%.

Reporting on the case, the Guardian points out that the sentence breaks the traditional but unwritten '3-5 law' in which leaders of the nation's family-run conglomerates - known as chaebol - are typically sentenced to three years maximum followed by a five-year probationary period.



Like this

Latest


26 August 2017
Taylor Swift Sorry Girl ... You're Gonna Miss Kim and Kanye at VMAs
And later: "The world moves on / Another day another drama, drama / But not for me, not for me / All I think about is karma". Some felt the song was a diss toward Kanye West , whom Swift has had issues with in the past.

25 August 2017
Trump risks backlash in farm belt states if NAFTA gets scrapped
Trump re-opened negotiations of the 1994 treaty out of concern USA economic interests were suffering. The main USA goals are the elimination of trade deficits and more manufacturing jobs.

23 August 2017
International Space Station photobombs solar eclipse
Millions of people across the country were looking up and taking in Monday's remarkable solar eclipse . If you see the eclipse , it means you're in the path of the moon's shadow as it crosses the planet.

22 August 2017
Man City announce departure of Nasri
Nasri has agreed personal terms with the Turkish club and the deal will be completed subject to worldwide clearance being secured. City are not expected to receive even half of their original asking price in the deal.

22 August 2017
OH judge shot in front of Jefferson County courthouse
Mavromatis said the judge returned fire with five shots, and so did a probation officer following closely behind the judge. A suspect was fatally shot after opening fire on a judge near a courthouse in Steubenville, Ohio , on August 21, 2017.

22 August 2017
Russia: Attacker Shot Dead After Stabbing Rampage
The Russian Investigative Committee said in a statement that the suspected attacker was killed by police fire after the assault. It said armed police called to the scene "liquidated" the attacker following the stabbing on Saturday morning.

21 August 2017
New "Star Wars Battlefront II" Trailer Teases Epic Dogfights
For updates on Starfighter Assault and the new hero ships that will be revealed during Gamescom , head to the EA Star Wars blog. Call of Duty: WWII launches on 3 November, while Star Wars: Battlfront 2 is set for release just two weeks after that.

21 August 2017
Modi condoles death in Utkal Express derailment
The district administration has begun rescue operations; National Disaster Response Force (NDRF) teams have been sent from Delhi. Along with four suspensions, one official has been transferred, while DRM Delhi and GM Northern Railway have been sent on leave.

20 August 2017
Trump tweets reference to inaccurate anecdote about Gen. Pershing
General Pershing was, at the time, governor of the Moro, a muslim province of the Philippines in the throes of an insurgency. Terrorism is suspected, with one jihadist-activity-monitoring organization saying Islamic State had claimed responsibility.

20 August 2017
Butte's July jobless rate up
The data show a 4.2 percent increase in federal government jobs in July and a decrease in other services jobs by 14.6 percent. There were 1,328,119 Arkansans employed last month, an increase of 9,058 since June and up 39,229 since July a year ago .



Recommended