Samsung Electronics Vice Chairman Bags 30 months Jail Term for Bribery

By Travis News Editor On Jan 19, 2021

The Vice Chairman of Samsung Electronics, Jay Y. Lee has been sentenced to two and a half years in prison by a South Korean Court on Monday.

This is coming moments before the tech group’s ownership restructuring following the death of Lee’s father in October was to be held.

Currently the most powerful business man in South Korea at age 52, Lee had served one year in prison for bribing an associate of former President Park Geun-hye when an appeals court suspended it in 2018; a year later, the Supreme Court ordered him retried.

The Seoul High Court found Lee guilty of bribery, embezzlement and concealment of criminal proceeds worth about 8.6 billion won ($7.8 million), and said the independent compliance committee Samsung set up early last year has yet to become fully effective.

Monday’s ruling hammered home that the leniency typically shown to South Korean business leaders in the past can no longer be expected.

Lee is expected to return on Monday to the prison in which he served his earlier sentence.

Samsung Electronics Vice Chairman Bags 30 months Jail Term for Bribery

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