Samsung Vice Chairman Jailed for Five Years for Corruption
Charges of corruption have been proven correct on Lee-Jae-Yong. He was the vice chairman of Samsung. He has been found guilty bribery and embezzlement.
The court has given the verdict against him and he has been sent to prison for five years. The hearing was on Friday in Seoul Central District Court. During the hearing the vice chairman was found guilty of corruption. The verdict was the part of corruption scandal that brought down exiled and former South Korean President Park Geun-Hye.
The experts are of the view that without Lee-Jae-Yong the company can face problems like mismanagement and loss of key investments. He is the father of Lee Kun-Hee, who is the chairman of Samsung Group. His grandfather was the founder of the tech giant. He started the korean company “Republic of Samsung”. Samsung is fourth dominating firm of Asia.
The convicted chairman was presented in court with ropes around jacket. The sources revealed that he was charged about bribing ex-President Park for the help to secure control of a conglomerate that owns Samsung Electronics.
It is the world’s most popular smartphone and chip maker, and has interests ranging from drugs and home appliances to insurance and hotels.
Seoul Central District Court Judge Kim Jin-dong said,
“This case is a matter of Lee Jae-yong and Samsung Group executives, who had been steadily preparing for Lee’s succession … bribing the president.”
He further said,
“Lee has been benefiting the most from the political favours for the company. One of his lawyers, Song Wu-cheol, said that he would appeal.”
According to Song, ”
“The entire guilty verdict is unacceptable. I am confident if the matter will be taken to higher court, my client’s innocence would be confirmed. “
We can hope that the Samsung Vice Chairman Jailed case will be challenged in Supreme Court next year.