Naaju Breaking News, Live Updates, Latest Headlines, Viral News, Top Stories, Trending Topics, Videos
[ad_1]
Billionaire heir to Samsung tech empire Lee Jae Yong was sentenced to two years and six months in prison on Monday for embezzlement and corruption in one of the biggest scandals to hit the South Korean tech giant .
This is the latest twist in a controversial influence peddling case that brought down the government of former South Korean President Park Geun-hye.
The businessman, also known as Jay Y. Lee, had previously been sentenced to five to withdraw for corrupt positions in 2017, although he was released less than a year later, when an appeals court dismissed some of the charges and suspended his sentence.
Although Lee is officially the company’s vice president, in practice he has taken over the running of the conglomerate since his father stepped down due to health concerns.
This new legal setback once again brings to the table the question of the future of the world leader in the manufacture of smart phones and memory chips.
Samsung is considered the biggest “chaebols“, a term by which the empires of the industrial family in South Korea are known.
Its global business volume is about a fifth of the country’s gross domestic product (GDP), so its leader’s belief can have repercussions inside and outside the Asian nation.
Experts say the move could create a leadership vacuum and hamper Samsung’s decision making on future large-scale investments.
“This is really a big blow and a big crisis for Samsung,” Kim Dae-jong, a business professor at Sejong University, told AFP.
At 52, Lee is South Korea’s fourth richest man, with a fortune estimated by Forbes at $ 9.4 billion.
Divorced and a father of two, the mogul – who studied at Harvard Business School – became one of Samsung’s presidents in 2009 and in 2013 he was named vice president of Samsung Electronics, the division that manufactures from smartphones and televisions. even cameras and hard drives.
But since Lee’s father suffered a heart attack in 2014, he’s been seen as the de facto boss of the entire Samsung group, and therefore responsible for the giant’s corporate affairs.
After serving at least part of his first corruption sentence, Lee apologized in May of last year for corporate crimes he was involved in.
“Our technology and products are considered first class, but public attention to Samsung is always difficult,” said Lee. “It’s my fault. I apologize”.
“I will make sure there is no more controversy over the succession within the administration,” he added. “And never take any action that is against the law.”
But neither his apologies, nor his promises prevented the justice from pronouncing a new sentence.
According to the court’s verdict, Lee “actively paid bribes and implicitly asked the president to use his power to help him succeed smoothly” at the head of the company.
“It is very unfortunate that Samsung, the country’s leader and proud global innovator, is repeatedly involved in crimes every time there is a change of political power, ”adds the judgment.
The court found Lee guilty of bribery, embezzlement and concealment of criminal proceeds valued at nearly $ 7.8 million.
Lee’s defense expressed disappointment with the verdict.
“The nature of this matter is abuse of power by the former president which violates corporate freedom and property rights. Given this nature, the court’s decision is regrettable, ”Lee’s attorney, Lee In-jae, told reporters.
.
[ad_2]
Source link
