The heir apparent and de facto leader of the Samsung group received a presidential pardon on Friday, the latest example of a South Korean tradition of leniency against big bosses convicted of corruption and other financial crimes. Billionaire Lee Jae-yong, convicted of bribery and embezzlement last January, will be “reinstated” to “help overcome South Korea’s economic crisis,” Justice Minister Han Dong-hoon said.
Lee Jae-yong, 54, the 278th richest person in the world according to Forbes, was conditionally released in August 2021, after serving 18 months in prison, just over half of his original sentence. Friday’s pardon will allow him to return to full work, lifting his five-year court-imposed work ban after his prison sentence.
“Leading the growth engine of the country”
“Due to the global economic crisis, the dynamism and vitality of the national economy have deteriorated and it is feared that the economic recession will continue,” the Justice Ministry said in a statement. The ministry hopes the businessman can “lead the country’s growth engine by actively investing in technology and creating jobs.”
Lee Jae-yong was pardoned along with three other businessmen, including Lotte Group chairman Shin Dong-bin, who received a two-and-a-half-year suspended prison sentence in a corruption case in 2018.
Lee Jae-yong Lee is the Vice President of Samsung Electronics, the world’s largest smartphone manufacturer. The conglomerate’s total revenue is equivalent to a fifth of South Korea’s gross domestic product. He was jailed for crimes related to a massive corruption scandal that brought down former president Park Geun-hye. It is not uncommon for top South Korean tycoons to be accused of corruption, embezzlement, tax evasion, or other illegal economic activities.
Source: BFM TV
