The heir and de facto leader of the Samsung group was given a presidential pardon on Friday, an example of South Korea’s long tradition of releasing business leaders convicted of corruption on financial grounds.
Justice Minister Han Dong-yong said billionaire Lee Jae-yong, who was convicted of bribery and embezzlement in January 2021, will be “take back” for a chance to “contribute to overcoming South Korea’s economic crisis.”
Ranked #278 on Forbes’ list of the world’s richest people with a fortune of $7.9 billion, Lee was paroled in August 2021 after serving 18 months, just over half his life.
The amnesty, announced Friday, would allow him to return to work fully, removing the five-year work restriction imposed after his release from prison.
“Due to the global economic crisis, the dynamism and vitality of the country’s economy has deteriorated and there is fear that the economic recession will prolong,” the Ministry of Justice said in a statement.
The suspension granted to Lee and other similarly pardoned executives demands that they “lead the nation’s continued growth engine through active investment in technology and job creation.”
The 54-year-old mogul was suspended along with three other businessmen, including Lotte Group chairman Shin Dong-bin, who was sentenced to two and a half years in prison in a 2018 bribery case.
The ministry declared an amnesty of 1,693 on the occasion of the Liberation Day anniversary on Monday, marking Japan’s 1945 surrender that ended decades of colonial power in Korea.
sense of impunity
In a note, the Samsung leader said he wanted to “contribute to the economy through sustained investment and job creation for youth.”
Lee Jae-yong is vice president of Samsung Electronics, the world’s largest smartphone manufacturer with sales equal to one-fifth of South Korea’s Gross Domestic Product. He was arrested for crimes related to a major corruption scandal that overthrew former president Park Geun-hye.
South Korea has a long history of high-profile businessmen accused of bribery, embezzlement, tax evasion and other crimes, but many end with amnesty, suspension or reduction of sentences.
These legal issues and Lee’s arrest did not slow Samsung’s performance, which reported a 70% increase in earnings in the second quarter thanks to the chip market fueled by the pandemic and the teleworking boom.
“Samsung has worked perfectly with no payback,” said analyst Vladimir Tikhonov. “The amnesty undermines the rule of law, which is potentially more harmful to operations in any market economy.”
source: Noticias
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