Samsung heir Lee Jae-yong sentenced to five years in prison for corruption

midian182

Posts: 7,435   +67
Staff member

Samsung may be pleased with the Note 8’s reception and positive early impressions, but the company just received some unwelcome news from its homeland: Lee Jae-yong, Samsung Electronics Vice Chairman and heir-apparent, has been sentenced to five years in prison by a South Korean court for corruption.

The Seoul Central District Court passed down the sentence earlier today. A panel of three judges found the billionaire guilty of bribery, embezzlement, hiding assets overseas, concealing profits from criminal acts, and perjury.

Lee, who has been detained since February, was accused of being involved in a massive corruption scandal that led to the ousting of former South Korean President Park Geun Hye.

Prosecutors say Lee gave $38.4 million in bribes to non-profit foundations controlled by Park’s close friend, Choi Soon-sil, in return for policy favors, including presidential support for business deals that would increase his hold on Samsung.

It's alleged that the company paid $1.09 million for a horse for Choi's daughter, Chung Yoo Ra, and spent a total of $6.4 million supporting her equestrian career.

Samsung and Lee deny the charges and claim the deals were to boost the business' competitiveness. Lee’s defense said Samsung was pressured by Park to make the donations under duress, adding that Lee neither knew nor approved of them.

Five years is a lengthy sentence, but prosecutors had asked for Lee to serve 12 years behind bars. His lawyers will be appealing the ruling, and are confident it will be overturned at a higher court.

Samsung shares fell 1 percent following the verdict.

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Skidmarksdeluxe

Posts: 8,645   +3,289
Sit and rot for the next 5 years ya corrupt and deceitful SOB.
The reason his sentence is so lenient is because of all his money. It wouldn't surprise me in the least if he was paroled after just 3 month. The colour of justice is green everywhere on this planet.
 

VitalyT

Posts: 6,084   +6,492
Samsung and Lee deny the charges and claim the deals were to boost the business' competitiveness

That's funny. Isn't what all bribes are aimed to achieve, to improve your own competitiveness? :)
 

alabama man

Posts: 563   +355
Nice, just "sacrifice" one man and the company it self don't get any punishment. He will probably get loads of money from samsung for this (not directly) so would have done the same my self, 5 years is nothing if you get to retire before turning 60 and live the rest of your life in luxury. Bet his prison time is fun also with all the gear from samsung, it's not like he will serve his sentence among murderers and rapists.

They should terminate samsung as it's based on illegal money and divide it to it's competitors as compensation. If not all the other companies will (should) base their business on bribery and deceit as it clearly seems to be the best way to operate.
 

captaincranky

Posts: 18,037   +6,838
To be fair the color of justice varies by country. ;P
I think he was speaking figuratively.

If he had said, "justice is whatever the color of the paper money of whichever country printed it", do you see how cumbersome and possibly ambiguous that declaration could be?
 

poohbear

Posts: 662   +582
How come American corporations and their lobby groups which spend 100s of millions influencing congress are never charged with corruption? how is lobbying by American corporations any different than what Samsung was doing? Samsung paid money to politicians and their friends to gain political favor that would benefit their business. Lobbying by corporations does the EXACT same thing yet it's perfectly legal in the USA! You don't see Mcdonald's or Microsoft or the Pharmaceutical companies being charged with corruption.
 

stewi0001

Posts: 2,701   +2,409
I think he was speaking figuratively.

If he had said, "justice is whatever the color of the paper money of whichever country printed it", do you see how cumbersome and possibly ambiguous that declaration could be?

Yes he was, and I was being silly. ;P