Samsung Chief To Spend 5 Years In Jail Over Bribery
This is a sad moment for South Korea electronics giant, Samsung.
On Friday, a court sentenced the billionaire head of Samsung Group, Jay Lee, to five years in prison for bribery.
Apparently, 49-year-old Lee, has been held since February on charges that he bribed former President of South Korea, Park Geun-hye, to help secure control of a conglomerate that owns Samsung Electronics.
After a six-month trial over a scandal that brought down president Park, a court ruled that Lee had paid bribes in anticipation of favors from Park.
The court also found Lee guilty of hiding assets abroad, embezzlement and perjury.
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Reuters reported that Lee, who re-emerged stony-faced from the courtroom in a dark suit, but without a tie, and holding a document envelope, was escorted by justice ministry officials back to his detention center.
“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,” Seoul Central District Court Judge Kim Jin-dong said, using Lee’s Korean name.
Lee, has however, denied wrongdoing, and one of his lawyers, Song Wu-cheol, said he would appeal.